Enda Kenny (Mayo, Fine Gael)

The Taoiseach has managed to transfer unbelievable financial risk from bankers and developers to the taxpayer. I put him on warning that it is my information that when the first tranche of massive loans move into NAMA, there will be no banks to support them. There is not the competence, personnel, experience or the assessment quality of the five-year programmes in respect of those companies in NAMA to do that job. If the Taoiseach does not get this right, he will risk a movement towards the entire collapse of the construction sector. Nothing will move in NAMA with its incapacity to deal with the volume of loans that will be moved across to it.

Somebody pointed out to me that Goldman Sachs, which has a portfolio of approximately €30 billion, has approximately 3,000 people dealing with it. There are currently 60 or 65 people in NAMA dealing with its potential portfolio of more than €50 billion. If the Taoiseach does not get this right, he risks serious constriction of the entire construction sector where no decisions can be made, no assessments can be validated and, as a consequence, serious disruption will impact on the economy. I hope that the Minister for Finance takes on board this point and deals with it.

At the end of this pathetic game of happy families, the Taoiseach's Front Bench is an indictment of his judgment, courage-----

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