Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I will continue if I may, given that I was interrupted.

By moving to a liquidation procedure, public accountability for the management of these debts has been significantly reduced. As matters stand, we can ask parliamentary questions of the Minister concerning the work of the IBRC. Committees are also in a position to closely oversee the work of the management and board of IBRC and have, on many occasions, extracted vital information. That position must not be affected by the legislation. I ask the Minister to outline the implications of the Bill for parliamentary oversight. I want him to introduce a short amendment giving explicit power to the Oireachtas to oblige co-operation with inquiries by the Oireachtas into the impact of the legislation.

As presented, the Bill does not provide for measures to limit the costs of the process. What actions are proposed to prevent costs from escalating? All members of the current Government voted against the establishment of the National Asset Management Agency. At the time, they stated their major objection was that it gave too much potential power to the Government. That was the clarion call from the then Opposition at the time the agency was created.

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