Seanad debates

Monday, 9 November 2009

National Asset Management Agency Bill 2009: Second Stage

 

10:00 pm

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)

Not just Senator Buttimer but a number of Senators, including Senator Cannon and Senator Healy Eames, referred to the Madoff case. There is a fundamental distinction between the system in the United States and the practice in all European countries. It is not just in Ireland. It is the case in the United Kingdom, France, Belgium and the smaller European countries that criminal investigations are protracted. We do not have the United States system of criminal justice in operation here and it is regrettable in a crisis like this one but I know NAMA will proceed with great dispatch against those in default. That has to happen first. I have advised the public that an extensive Garda investigation is under way in regard to various incidents which took place. That is a huge investigation being conducted in two jurisdictions, with several hundred witness statements being taken. All of that is under way but our legal system does not provide for that, neither does any other European legal system.

Senator Leyden wants parliamentarians to be permitted to sit on the board of the agency. While Senator Leyden would be a very fine appointee, there would be a conflict of interest between-----

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