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Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Senator Callely should continue.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: We will get the Minister of State to clarify that point.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Thank you, Senator. I call the Minister of State. Has he a brief response?

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Is a response necessary, Senator Twomey?

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Amendments Nos. 11 to 14, inclusive, will be discussed together, by agreement. Is that agreed? Agreed.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: The Senator's time has expired.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I am seeking clarification from the Minister of State on half of the Senator who has made a specific request.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: It will be shorter if the Senator finishes now.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I am indulging the Senator. There is no obligation on the Minister of State to reply unless he so chooses to do.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I ask the Minister of State to be brief.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I beg the Senator's pardon. He had not indicated his wish to speak.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I call on the Minister of State to give a brief reply.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: It will.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: We are discussing amendment No. 12-----

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: I am replying to the Senator. If the Labour Party amendment No. 12 is agreed, Senator Norris's amendment No. 13 cannot be moved.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Senator Norris's amendment can be pressed. I call on the Minister of State to reply.

Seanad: National Asset Management Agency Bill 2009: Report and Final Stages (11 Nov 2009)

Fiona O'Malley: Of course, I support the thrust of these amendments and the Minister has indicated he is keen there will be some civic benefit from NAMA. However, as Senator Quinn already said, accepting these amendments would be contrary to the purpose of the NAMA legislation. If accepted, they would dilute the efficiency and effectiveness of the agency to operate with a sole purpose. That raises another...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Fiona O'Malley: Senator O'Toole said it all in his contribution. There are plenty of Oireachtas committees and there is no need for an additional one. Is the Labour Party serious about asking that a committee be established that would report every 30 days? One can imagine how ineffectual it would be. It would hardly have prepared for one meeting when it would have to prepare for the next. I admire the...

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Fiona O'Malley: It is purely decorative.

Seanad: National Asset Management Agency Bill 2009: Committee Stage (10 Nov 2009)

Fiona O'Malley: Senator O'Toole highlighted a very good point. It is not so much a problem with the legislation as we are all trying to get the best out of it. While the Minister has tried to strike a balance with regard to the guidelines on credit flow, Senator O'Toole stated correctly that the banks will do nothing until they have protected their own assets. Irrespective of what we do, we need to face...

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