Ivor Callely (Fianna Fail)

-----and I understand in the first quarter of 2008 the solution was placed on the desk by the informed authorities. In the last quarter of 2009 we are talking about putting the solution in place. The Senators who heckled me on that point should put the matter in a private business context and see how long they would last.

In fairness to the Minister, the draft business plan is a substantial body of work. It recognises the duty of the agency to obtain the best return for the taxpayer. Based on the difficult and provisional estimates available, we all know the loan book of NAMA will be €77 billion purchased, at a 30% discount, for €54 billion. As I have stated previously, how NAMA manages its portfolio, especially the Irish part which makes up approximately 70%, will have a significant impact on our economy.

The NAMA Bill includes detailed accountability and reporting requirements, and I am also surprised that there has been much discussion here in the House in this regard. It includes, I understand, quarterly and annual reporting, audit by the Comptroller and Auditor General, a role also for the Committee of Public Accounts and a commitment to establish an Oireachtas committee on NAMA.

We can go a little over the top on what we can provide, for instance, some of the amendments tabled provide that every 30 days NAMA shall report to the Houses of the Oireachtas. Of course, I will listen with interest to the discussion on these amendments and I look forward to the Minister's reply. As I stated, I am concerned at the extent of the protracted debate on NAMA and the impact this debate has had on individuals and on the economy. I am equally concerned that NAMA may become the camel rather than the horse that is required. We need to get on with it. I can pick holes in and cherry-pick the NAMA business plan, for example, issues such as a default assumption of what is referred to as 20%, issues such as the real value of the assets and an indication of the ability of borrowers to repay. Those are all critical issues with significant implications. If my figures are correct, every 1% movement on the default rate represents approximately €770 million. These are telephone number sums about which people are sick and tired of hearing. Recognising that we are talking of significant figures and we are dependent on expert advice in this regard, I note from the Minister's comment earlier that it was after careful assessment and informed authorities advising the Government that it went with the NAMA model. If NAMA is recommended as the model, let us get on with it. Cash is king. Get cash and credit flowing, protect jobs and create the new opportunities. Let us learn from our past mistakes, but let us move on.

In case anyone thinks I am being flathiúlach about the position, I acknowledge the concerns voiced by a number of Senators in the Chamber today. They teased out the business plan and asked about the liquidity issue and how banks will ensure the flow of additional credit once we correct the current situation. On the criticism, however, with the crystal ball now available to us, let us give a little credit to the Minister, Deputy Brian Lenihan, and his officials for what they have achieved to date. The recapitalisation of the two main banks, AIB and Bank of Ireland, was necessary and it was not unconditional. We have done well out of it - I will say no more than that. We have the fixed dividend of 8%, the preference shares and a significant value gain since that has happened. Let us not lose sight of the fact that we have come from a very difficult situation. We have made the correct decisions and, hopefully, when we put this to bed we will be able to move on with one of the most important ingredients currently necessary in our economy and for most individuals, namely, credit and cash.

I stated that the public is not interested in politically correct talk of billions of euro, SPVs, etc. However, some time ago I took the opportunity to write to the Minister expressing my concern about what happened in the past and asking him to refer to matters relating to ongoing investigations. In particular, I mentioned Allied Irish Banks and matters relating to large financial transactions between certain financial institutions, and I asked what was happening in that regard.

This is the type of information the public wants to know. They want to know what we are doing to get the credit flowing, what we are doing to get cash back into the system, that the taxpayer is being protected and that the investment to date has paid handsomely. We have introduced many correct measures. Equally, they want to know what we are doing about those who have been responsible for what has gone wrong.

I am pleased to note the Minister, in his response, confirmed that in terms of investigations being conducted by State authorities, a number of investigations into the matters I raised are being examined. With regard to company law, the Garda Síochána is involved with certain aspects of the investigations, the investigations have yet to be concluded and the Government has made clear that any breaches of regulatory or legal requirements will be fully pursued in accordance with the law. That is an equally important aspect.

I welcome the opportunity to participate in this debate and I look forward to hearing the contributions on Committee Stage tomorrow.