Larry Butler (Fianna Fail)

On Second Stage, my contribution focused on the business plan for NAMA. There are three aspects involved, namely, the special purpose vehicle, SPV, NAMA and the banking sector, which is going to be recapitalised. Will the members of the board be appointed on the basis that they possess the requisite business ability in this area? Will the SPV or the board of NAMA have overall responsibility for NAMA's general business? How will the developers, contractors, etc., who avail of access to NAMA be accommodated in the context of the business plans they will put forward? Legislation is one thing, there is also a need for clarity in respect of how all this will work. Will the Minister provide some details in that regard?

I agree with the Minister's assertion on Second Stage that NAMA is not the appropriate mechanism to deal with people's mortgages. That is an important point, particularly when one considers that NAMA is designed to protect the taxpayer. In view of the statement from the Irish Banking Federation this morning, it will be necessary to introduce new legislation to cater for the new situation that has arisen. It is not good enough to have an aspiration. Senator MacSharry used the word "tsunami" to describe the at least 35,000 people who are going to experience severe difficulties in respect of their mortgages. I accept the Minister's statement to the effect that he is giving consideration to this matter.

NAMA could represent a great business opportunity because there are many half-finished buildings and developments. It will not do anyone much good if they are left in that state.