Paul Coghlan (Fine Gael)

I welcome the Government's decision to ensure all Departments make their approved payments within 15 days, as we have been advocating for some time. The Prompt Payment of Accounts Act is totally ignored and the average waiting period for payment by Departments is 69 days. In one Department, approved payments are outstanding for in excess of 90 days. This ties in with the need to have credit flowing again. If the suppliers affected cannot get their money into the banks, they will not be able to honour their other commitments. As stated, credit is the life-blood of our market economy. Its provision is suspended somewhat and we need to make it available again.

How much of the €3.5 billion to be provided for Allied Irish Banks and Bank of Ireland by way of recapitalisation has been earmarked for small and medium-sized enterprises, mortgage holders and first-time house buyers? It is important that a proportion of that is directed towards them because we know there is no movement in this regard.

I support very strongly Senator O'Toole's call for a debate on NAMA. We urgently need to see a comprehensive blueprint that shows the agency will be capable of addressing the enormous difficulties we face. If that is not demonstrated to people we will not be able to reassure the public, which we need to do. I suggest to the Leader that if the Minister is not available, Dr. Bacon or Mr. McDonagh should be invited to the House. The Seanad could prove very useful by having one of these gentlemen before it to talk about the agency. I fear there is a turf war between the National Treasury Management Agency and the Department of Finance. If so, it is disgraceful. We must be able to demonstrate that we are dealing with and getting over our problems.