Terry Leyden (Fianna Fail)

The ECB opinion on NAMA contains a number of key points. It welcomes the fact that NAMA is designed to comply with EU state aid rules. The bank's funding and support for the legislation is key. Without these, the Bill would not and could not work. I support it because individual banks would not be in a position to provide funding if the European Central Bank did not lend to the State. The State will continue to exist but we cannot give the same guarantee for any bank. Ireland Incorporated will exist for a very long time, which is why the European Central Bank is supporting the NAMA proposal. The endorsement on 2 October was crucial to the future of the European Union. Our vote in favour of the treaty has been rewarded with the support of the European Central Bank.

I will not go into great detail because the Minister has done so. I will not repeat what he has said on all these issues. Submissions have been made by many external bodies. I have submitted them to the Department and will not read them into the record. I acknowledge the submissions made, including those by Joseph Corcoran Consultants, Brian Flanagan, Peter Matthews and Emmanuel J. Sweeney who made a very good submission. I will make them available to the Department because their authors are aware of all the issues involved.