Martin Mansergh (Tipperary South, Fianna Fail)

I thank all Senators who contributed to what has been a mainly constructive debate. I will try to answer as many as possible of the questions raised within the time available.

Senator Twomey asked about the status of the reports by an bord snip nua and the Commission on Taxation. Both reports offer recommendations to the Government. Decisions on the matters raised will be made by the Government in due course. In the case of the report of the Commission on Taxation, decisions will be made on a rather longer time scale.

Government waste is certainly something about which we should be concerned. It is an eternal struggle to ensure value for money. Comptroller and Auditor General reports have contained criticisms of Government spending since that office was established a long time ago. However, I accept Senator Twomey's point that when revenues were overflowing into the Exchequer, it was not always the case that the same care was taken as must clearly be taken today. To that extent, I accept a degree of criticism. The Senator also referred to raiding reserves. In general, the purpose of the latter is precisely and rightly to meet critical and emergency situations.

In so far as Senator Twomey is asking me to pre-empt budget decisions, that is obviously something I cannot do. I refer him to any statements that have been made or will be made by the Minister for Finance. The Senator also raised questions about NAMA and how it was to be financed. The Minister for Finance has estimated that 40% of the relevant loans are cash flow producing and that the cash flow produced will be sufficient to cover interest payments on NAMA bonds and operating costs. The Minister expects-----