Marc MacSharry (Fianna Fail)

I join others in calling for a debate on NAMA. We had a good debate during Fine Gael Private Members' time the week before last, which gave us all an opportunity to put forward some thoughts on how it should be run. There is no question that in principle it is the best way out of this situation. It is ingenious that, with the issue of Government bonds, we will be able to buy the bad debts and those Government bonds can be exchanged for capital in the European Investment Bank. The principle is ingenious and is the correct one. I have discussed this with senior members of all parties and Independent Members in this and the other House and I believe that principle is correct. However, the detail of how it will be done is difficult and unknown. Our time would be best spent by bringing forward recommendations that should be included in that detail.

While it is not possible always to have a debate on the economy or NAMA, we should use opportunities such as the Order of Business to put forward ideas if we have them. Then, if appropriate, we could have an economic debate on a weekly basis. In principle the measure is correct.

In respect of the contribution at recent committees, it is a credit to the transparency of our political system that we have the privilege of being made aware of everything as it happens through the committees. Dr. Somers made us aware of the many difficulties he foresees in pulling NAMA together. I fundamentally believe the principle is correct and I think the international markets believe it is correct.