Paul Coghlan (Fine Gael)

I agree with the other speakers, including Senator Twomey, on the national asset management agency, which is proposed to operate under the aegis of the National Treasury Management Agency. We need an urgent debate on this. As we can see already, many questions are being asked. We have seen three documents on the agency, including the abridged summary of Dr. Bacon's report, the press release of the National Treasury Management Agency and the list of frequently asked questions published with the Budget Statement. Questions still arise but it is natural that they will persist until the legislation is available.

Reference was made yesterday to a portfolio approach. This implies that the national asset management agency will take over healthy loans in addition to some of the problem property loans, the impaired loans. We need to hear more detail on this and on how the valuation system will be worked. Many practical implications need to be worked out with the banks and I presume the Department of Finance and the banks are working on this. The sooner we know the arrangements which need to be worked out the better. In the interests of the taxpayer this must all be done in a very transparent way. The bottom line for the Members of this and the other House is that we protect the taxpayer. This is what we are all about. I happen to think the model proposed is the correct one but there is much detail to be fleshed out.

I agree with Senator Leyden's remarks about Peter Sutherland's interview this morning. I thought it was excellent. It was very balanced and reasonable. The other aspect of this proposal which I like——