Fidelma Healy Eames (Fine Gael)

I thank the Minister. Near to where I live in Oranmore, there is an estate called Bramley where only 15 months ago the houses were selling for between €2.2 million to €2.4 million. Some of those houses were sold in the past six months for between €600,000 to €800,000. That is not a 30% write-down, it is closer to a 60% or 70% write-down. Deputy Varadkar wrote to the head of the NTMA and, based on the Minister's projections for long-term economic value, asked that individual to purchase his apartment. The Minister should see the reply the Deputy received. Basically, the man in question - his name escapes me - stated that he would be interested in buying the apartment himself.

The Minister is not providing us with any certainty whatsoever. I would not expect that he would be in a position to do so. However, I also would not have expected him to place all our eggs in one basket. In that context, he has displayed poor judgment. He is risking too much. He is risking our future and that of the country and he is doing so for the sake of the banks. What have the banks received to date? The State guarantee was extended to them, which was important and which was the correct route to take. They were also recapitalised. The money in this regard was a mere drop in the ocean. In addition, Anglo Irish Bank was nationalised. To what end? As Fine Gael suggested, that institution should have been wound down over time.

I would not establish NAMA and provide it with €54 billion without legal guarantees being given to the State in return. I would demand exactly what we obtained in respect of the Lisbon treaty. If the people were allowed to vote in a referendum on NAMA, it would be rejected. It would then be necessary for legal guarantees to be provided in respect of threats to home ownership, jobs and businesses and the provision of credit to businesses, which is critical in the context of providing a stimulus towards job creation. Assurances in respect of trust, transparency and accountability would also have to be provided.

The Minister is bestowing strong powers upon himself in the Bill. He might not be the worst person upon whom such powers should be bestowed. I was quite impressed regarding recent reports on his concern to the effect that Department of Finance officials were not aware of the serious state into which the nation had fallen.