Brian Lenihan Jnr (Dublin West, Fianna Fail)

I will deal with that shortly. It allows the Minister to give definite directions on credit supply and other matters. If an investment vehicle is established, and it will require to be established to comply with European statistical rules, the investment vehicle will require to be integrated with the NAMA group entity and we will be examining in committee the various provisions that ensure that full transparency and directors duties apply to that.

Senator Donohoe dealt with the property bubble and I believe I replied to that. Some of his points related to sections and we can discuss them in that context.

Senator Norris referred to Japan and the dangers in the long-term economic value. Questions were raised on the European Central Bank's view on this issue. Our Governor participates in the European Central Bank. Its view on it was not to criticise the concept but to say it should be applied with caution, and that is exactly what we have done.

Senator O'Malley raised the cost of the advisers. This is a difficulty. This kind of professional advice has never been cheap and if one generalises it over a ten-year period it looks very expensive but we have been having many political debates. A huge political controversy arose in recent months about the cost of certain compensation payments that were put in place for retiring chief executives of State bodies. Figures were given in the newspapers but if one were to tell a contributory old age pensioner, for example, the cost of his or her pension one would say it is €400,000, which is very substantial money.

Figures can be played around with, as we all know, in the current debate. There is a substantial cost involved in the professional advice over a ten-year period but we must do the valuations correctly. We must get a proper bottom-up valuation. Senator Coffey made a very good point under that heading when he asked how we can be sure that the auctioneers and valuers give a true and fair valuation. They will have to assure themselves in respect of the valuation, and various other protections must be inserted there.

Regarding Senator O'Malley's concerns about the cost of advisers, we must do a proper valuation. We also have to pay the banks to manage these loans. That is a European Union requirement. We own the loans but we have to pay them as our agency to manage them. One of the advantages of the subordinated arrangement is that it gives the banks an incentive to make the best out of their loans.

I agree with Senator Buttimer that Ireland Inc. needs a make-over. I would hope he was not referring to a political make-over but to an economic make-over.