Frances Fitzgerald (Fine Gael)

We spoke about an Oireachtas oversight committee for NAMA on Second Stage yesterday. There is a sense that what has gone wrong with the banking system is due to a lack of regulation and governance. Subsequently, with NAMA we want to ensure oversight, transparency and accountability in its workings.

Bypassing the Houses of the Oireachtas on matters such as social partnership talks happens all the time. We do not get proper democratic accountability and scrutiny in the Houses. Setting up an Oireachtas committee would be an important oversight mechanism. The amounts of money involved, the large taxpayers' interest that needs to be protected and the Minister's powers in the legislation must be balanced by having an Oireachtas committee with particular responsibility for the agency.

The Minister said such a committee could be established at any time by the Houses of the Oireachtas. I would think it is more appropriate to set it up in the legislation. We have already said we can do without some of the committees in the House but this is one we should have. If NAMA has a particular timeframe around it, the Minister could bring an amendment to the Dáil on Thursday.

I accept there would be limitations to such a committee's oversight powers given the critical and confidential banking issues involved. However, within that I cannot see any other reason there should not be a specific committee to address the issues as outlined in the amendment.

This is also in line with Fine Gael's policy on the filling of vacancies on State boards. Fine Gael's public appointments Bill states that there should be an objective and transparent procedure in place for making appointments to key State boards, while nominees should appear before Dáil committees. If ever there was a time to establish such a committee, an agency such as NAMA with the amounts of money involved, the taxpayers' interest and it powers, provides the perfect opportunity.