Brian Cowen (Laois-Offaly, Fianna Fail)

The Deputy is correct. I do not subscribe to the view that there should be freedom of information in regard to the operations of NAMA for obvious reasons such as bank confidentiality and so on. To enact legislation contrary to bank confidentiality rules would ensure the agency would not work at all. Perhaps that is what the Deputy wants to happen since he does not support the operation of NAMA but if the agency is to be effective, it has to have those arrangements in place. It is no different from other financial institutions and financial information that applies. There is full accountability by the Minister for Finance to the House and that would probably be the view of the Department of Finance as well for obvious reasons. The fact that people in the industry were of that view does not mean that is the reason the Department of Finance takes that view. It may well coincide with a view already held by the Department on the matter. I can see good and objective reasons for that, quite apart from the view of the Irish Banking Federation or any other organisation.

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