Marc MacSharry (Fianna Fail)

I agree with Senator O'Toole totally in that we have enough Oireachtas committees. That is not to say we could not re-jig the make-up of some to focus on the implementation of the sections of the Bill that are most appropriate. It is vital that there be as much accountability as possible. The Minister could consider the idea of the French model of the credit mediator. It would be good, not least to ensure the provision of credit. As stated in the Irish Banking Federation announcement of this morning, the committee could ensure appropriate actions will be taken to protect homeowners. This is covered in some of the amendments tabled by Fine Gael.

I do not know whether the Committee on Finance and the Public Service, the Committee of Public Accounts or the Committee on Economic Regulatory Affairs should be involved. We do not need all three to be involved but the terms of reference of one could be adjusted such that it would focus specifically on NAMA. We could consider the membership of the committee and none of us would worry about who the Chairman would be once it was the most appropriate person. As Senator O'Toole pointed out, it was suggested at the meeting of the Committee on Finance and the Public Service on 30 August that there be an oversight commission. It was suggested that a person of the calibre of former Labour Party leader Deputy Pat Rabbitte could be considered. Individuals such as he could be considered.

Rather than trying to set up another committee, let us consolidate those we have to form one in addition to the Committee of Public Accounts and let it comprise Members of both Houses, notwithstanding that some Opposition Senators want to exclude themselves at this point. Perhaps it would be appropriate that other people, such as members of the Irish Banking Federation or public interest committees, would have seats at that committee. Perhaps the Minister will take this suggestion on board.