Pearse Doherty (Sinn Fein)

The real damage of NAMA will not be evident until it is too late. It is the politics of postponement and the true damage will not be seen until the Government is long gone. As I said, as I do not have a crystal ball, I do not know whether NAMA will work. I hope it will because the Bill will be passed but it is my judgment that we are taking the wrong course of action.

I have read the autobiographies of two former Taoisigh. From his autobiography we get a sense that Albert Reynolds was the risk taker, whereas Deputy Bertie Ahern was a more cautious man. It is clear that the Taoiseach is the gambler. The gamble being taken at this point is far too severe. If we look at the budget deficit of over €22 billion, while it needs to be reduced, the money being spent is being used to pay for operations, teachers to teach our children and to provide public services. The €54 billion that will be invested in NAMA will not be seen by ordinary people. Unless the legislation is amended, it will not, unfortunately, be seen by the business community, in particular the SMEs which need credit quickly in order that they can continue to provide jobs and get this country back to work, the single most important thing the State needs to do and on which it needs to focus attention in the coming weeks and months.

In the course of this debate and on Committee Stage tomorrow my party will attempt to amend the legislation to make it better. The Minister and the House understands our position which is that we will oppose the legislation but that we will try to ensure the benefits of NAMA will be extended to homeowners on low and average incomes, particularly those facing negative equity who, unlike the bankers and developers, are the ones who really need to be bailed out. Over a year ago, following a late night debate on the introduction of the guarantee scheme, I said to the Minister, as he sat in the same chair, that we had sat through the night to rescue and bail out the bankers; let us now sit through the night and bail out ordinary people. Let us bail out the children in dilapidated buildings, as well as the health service. We have not shown the same energy or placed the focus on job creation, public services and making necessary adjustments.

I look forward to debating the Bill with the Minister on Committee and Report Stages.