Paul Coghlan (Fine Gael)

I strongly support the remarks of Senators Fitzgerald and O'Toole regarding the role of this House and the scheduling of work and legislation. As the Leader is aware, there was a time when more than one third of legislation was initiated in this House. As speakers noted, NAMA is perhaps the most important subject matter with which we could and should deal at the moment. Very serious and important matters are taking place. It seems that two of the most important arms of the State are not speaking with the one voice in regard to NAMA. It was proposed in the supplementary budget speech of the Minister for Finance that NAMA would be under the aegis of the National Treasury Management Agency, yet we now know from its leader, Dr. Somers, that it is outside the loop, when it is supposed to be at the heart of the process.

We heard Dr. Somers express very serious negative sentiments before the Committee of Public Accounts late last week. If the Government believes NAMA is the solution, it has a serious job to persuade and reassure the public, which is not of that mind. It is very serious when Dr. Somers states he has no idea how NAMA will work. He warned of the legal challenges which, he believes, are imminent. He has no details of how many staff will be involved and his staff are not geared up. He states they have no idea how to deal with bank restructuring and that they have not found a solution. He spoke of significant dilemmas. They have been taken by surprise. He stated that the Minister's speech needs to be clarified. It is amazing that the head of the National Treasury Management Agency states on the record that he only knows what he had read in the newspapers. Where are we as a State? This issue must be urgently addressed.