Brendan Howlin (Wexford, Labour)

The Deputy was not part of that. He was spared that ordeal. As he is aware, the NAMA legislation was passed by this House during an all-night session. I remind the Deputies opposite who spoke about rushed legislation that it was decided that the NAMA Bill could not wait until daylight. It had to be passed during the night. Deputy Wallace will be aware that a Wexford man - Dr. Bacon - was the genesis of this device. Perhaps I should not be name-checking people. As I understand it, Dr. Bacon was brought in as a consultant to the then Minister for Finance. He devised the NAMA concept as a vehicle for deleveraging the banks' burden of impaired assets and loans. That was the policy platform of the previous Administration. This Administration is determined not to go ahead with the second tranche of it. The Acting Chairman will stop me any moment now because what I am saying is not appropriate to the debate on this Bill.

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