Richard Bruton (Dublin North Central, Fine Gael)

In respect of promised legislation on banking, reports today indicate that the write-downs by the National Asset Management Agency will be much greater than was anticipated. It is now clear that the business plan presented by NAMA to the Oireachtas is a work of fiction, as many on this side of the House said at the time. It is incumbent on the Government to produce legislation that will provide for a bank resolution regime of the type that has been available in the United Kingdom and the United States for a considerable period, in order to deal with banks that get into difficulties. The Minister for Finance indicated that such a proposal was in preparation, but it has not figured in the list of legislation that has been presented thus far. What is the status of that legislation and when will it come before the House? When will we see the order transferring specific duties in respect of banking policy to the National Treasury Management Agency that were heretofore exercised by the Department of Finance? These decisions are of enormous importance. Any relevant order must be laid before the House and properly debated, and proper accountability must be written into the terms of that order.

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