Paul Coghlan (Fine Gael)

I second the amendment proposed by Senator Twomey to the Order of Business. Despite the dire straits in which we find ourselves and all the disagreements which have been mentioned, it is good to know that in the national interest, the IMF welcomes the concept and the model of the National Asset Management Agency, NAMA. As we all know, the orderly restructuring of the financial sector is essential to securing the long-term viability of our economy.

We are led to believe that the Cabinet has approved the draft outline of that legislation. Delay is the enemy here. I appeal to the acting Leader and the Government to keep us here and get this legislation through in July rather than waiting for September. God only knows what could happen in the meantime. There are signs of so-called claim jumping in the Commercial Court. We do not want that to develop in advance of the legislation being in place. The Government will secure a Supreme Court test on the passage of the legislation to ensure its constitutionality or to preclude the possibility of other challenges down the line. That is the wise thing to do. Can the Deputy Leader tell the House where precisely this legislation is at? The agenda may be changing a little from day to day, but it is essential and I plead that both Houses have the legislation passed before the end of July.