Dominic Hannigan (Labour)

Like Senator Regan, I am a Meath man. I am delighted to see the former Taoiseach, John Bruton, putting his name forward for the post of President of the European Council. His candidacy deserves serious consideration by this country and I hope the Government will consider supporting his candidacy.

As regards the Minister for Finance's comments yesterday about a protracted debate on the NAMA legislation, it is clear that after six months the Government does not have its ducks in a row. This week, the introduction of a special purpose vehicle was first mentioned. The Deputy Leader of the House has said that any delays to the legislation could lead to further interventions for our banks, but it is very important to get the legislation right. I do not think the debate is in any way protracted. We have been waiting six months for it and if an extra week or two are required, we will have to make that time available. Rushed legislation is bad legislation and this matter is too important to get wrong. If time is needed, let us make it available. This week, the House sat for only two days. If the Dáil or Seanad needs to meet over the weekend, let us do so. The debate should not be rushed, however, because if we get it wrong it will end up costing future generations huge amounts of money. We must get it right so let us take our time. Yesterday's share price falls were not due to a few days' delay on NAMA, but to more fundamental issues.