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National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: It does. It arises in the context of the social and economic development of the estate. The social dimension requires that, where appropriate, estates are finished and that where people occupy residences they are not left at a substantial disadvantage, locked into what may be partly ghost estates for many years.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: I raise this because the Minister of State, Deputy Peter Power, was only starting to reply yesterday evening and I am conscious that the Minister for Finance was not here. I would not have raised it again were it not for that circumstance. The Minister is about to respond. How will NAMA deal with an incomplete estate or apartment block and will those residing in those developments be left...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: On a point of order, having been in this House many years I have been party to the type of vote we have seen on the Order of Business in the past. I have also seen Ministers subsequently on Committee or Report Stage-----

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: -----agreeing across the House to having time extended.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: If the Acting Chairman would let me conclude, I am simply asking the Minister, in the public interest and in the interest of the credibility of this House, to give some serious consideration to extending this debate by agreement beyond 8 p.m. this evening.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: We are doing a disservice to the general public in guillotining this legislation. The Minister knows this is not the way that this House should be run.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: Yes and I am coming back to it. This legislation is too important to be guillotined.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: It is too important.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: Or even an estate that is security for a loan where the developer has gone bust and various works such as landscaping and roads have not been completed, but much of the accommodation is occupied. To whom will the residents look to solve their problems in those circumstances?

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: The local authority will not do that unless an estate has been properly completed.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: In some cases they have expired because of the time that has passed since they were taken out. In other cases local authorities are unwilling to enter a bond.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Alan Shatter: Guidelines will be needed, otherwise residents will be left in huge difficulty.

Order of Business (5 Nov 2009)

Alan Shatter: That is agreed, Sir, but before we travel beyond that point, the Order of Business allows the Dáil to sit beyond 4.45 p.m. but we are to conclude the debate on the National Asset Management Agency Bill at 8 p.m. Essentially, the Government wishes to guillotine this legislation in circumstances in which, in the context of Report Stage, we have concluded debate and discussion on four out of...

Order of Business (5 Nov 2009)

Alan Shatter: Many of the amendments are of substantial importance. The one thing we have discovered with this legislation as we have gone through from Second Stage to Committee Stage to Report Stage is that the Government has recognised the need for substantial amendments.

Order of Business (5 Nov 2009)

Alan Shatter: The point I make, Sir, is that in principle this party has no objection to us sitting late, but I oppose and Fine Gael opposes, the Order of Business in full because the debate on Report Stage of the National Asset Management Agency Bill should be open ended. It should not be guillotined. This is one of the most important financial measures-----

Order of Business (5 Nov 2009)

Alan Shatter: -----to come before the Oireachtas since the foundation of the State.

Order of Business (5 Nov 2009)

Alan Shatter: It creates major problems for the future financial stability of the State and the banking sector.

Order of Business (5 Nov 2009)

Alan Shatter: In those circumstances, we oppose the Order of Business.

Order of Business (5 Nov 2009)

Alan Shatter: For the reason I gave-----

Order of Business (5 Nov 2009)

Alan Shatter: I will not unduly delay the House. For the reasons I gave previously, Sir, that this is a measure of fundamental importance to the future financial stability of the State, this House should have the opportunity to fully consider and debate it. It is a measure that, as we have gone through from Second Stage to Report Stage, has resulted in substantial amendments being brought forward, even...

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