Fidelma Healy Eames (Fine Gael)

It is nice to have the Minister in attendance on such an important topic. As other speakers said, this is perhaps the most important legislation to have come before the Houses of the Oireachtas. When I try to comprehend NAMA, I am guided by the question: "What is in NAMA for the taxpayer?" To answer this question I must consider the most important issues facing the people and whether these issues are being addressed by NAMA.

Most people, perhaps even the Minister, agree that the most important issues are jobs and unemployment. There are 425,000 people currently on the live register. There are no opportunities for young people. We have one of the highest levels of youth unemployment in our history for people under 25 years. The second important issue is the fear of losing one's home. According to the ESRI, 35,000 people are at risk of losing their home next year and 350,000 are likely to be faced by negative equity. How will NAMA help them?

The third issue which is related to jobs is credit for business in order that it can thrive. We need business to thrive because we rely on the private sector to pay the taxes that fund public services. The public sector cannot grow further. The Government has come to realise this, although that is how successive elections were bought. Since 2001 the nation has become uncompetitive. In 1997, when Fine Gael handed over power to the Government, it was creating 1,000 jobs a week. Mr. Peter Bacon reported in 2002 to take the heat out of the property market. He did a good job but it all started again, for the reasons Senator Paddy Burke mentioned.

The fourth issue on which I will judge NAMA is trust, transparency and accountability. How will NAMA restore trust? How will it be accountable to the people? How can we be sure it is a transparent vehicle? Trust has broken down owing to, for example, the way Anglo Irish Bank became so corrupt. Has anyone been punished? The answer is "No". Those in America who engaged in such corruption and wrongdoing were punished and are currently in prison. There are already reports of 3.5% economic growth in that country. Might the two be related?

What does NAMA offer the taxpayer? The most important question we must answer is whether putting all our eggs in the one basket represents the correct way forward. Senator Cannon put his finger on it when he inquired whether each of those who intend to vote in favour of NAMA would give a personal guarantee in respect of its success. That is what they are asking the Irish people to do.

I cannot even get my head around the amount of money - €54 billion - that is due to be paid out. Reference has been made to long-term economic value. I accept that the Minister achieved a write-down from €77 billion to €54 billion. I have not calculated the percentage involved in this regard.