Ivor Callely (Fianna Fail)

The National Asset Management Agency Bill is critical legislation at this time. The economic and financial policies we apply in the next period will have far-reaching implications for all of us and the generations to follow. The country is in a deep state of economic depression and the outlook is bleak but there is an opportunity to turn matters around, despite all attempts by certain groups to create the opposite impression. The Taoiseach has set out his stall on the Government's plan to address our current difficulties. He has fully disclosed the seriousness of our difficulties and the challenges ahead and highlighted our ability to meet and overcome these challenges.

There has been much debate on where we find ourselves and how it all seemed to come tumbling down so quickly. As the Government - especially the Minister for Finance, my good friend, Deputy Brian Lenihan - takes measures to address the rapidly changing financial position, there has been dishonest scaremongering by certain members of the Opposition. Good government is about identifying the challenges, grasping them and having a creative and effective vision in response. I welcome the Government's decision to date which with the passage of time will prove to be the correct one in the national interest.

As I stated in previous debates on this issue, it is not possible to overstate the importance of getting credit and cash flowing again in the economy. I have also stated the vast majority of members of the general public are not interested in the national finances, especially when one talks in telephone numbers of billions of euro as regards what we are doing with NAMA. On the issue of credit and cash flow, the overwhelming majority at this stage want to see action and delivery. It is important to send a clear message that the Minister for Finance, his departmental officials and other informed authorities have carefully assessed the position and identified the obstacles and that the recommended solution is NAMA.

I listened with interest to the many Members who have contributed to the debate. As I said, the majority outside this House are tired and fed up. They do not want to know whether it is a special purpose vehicle, a model of this or that. What they recognise is that their family, friends and the wider circle with whom they socialise are being affected and hurt and they want the position to be corrected quickly.

The objective of NAMA is clear, that is, to strengthen the banks' balance sheets. This will reduce uncertainty about possible toxic loans and, as a consequence, facilitate the flow of cash and credit, while also protecting the interests of taxpayers.