Liam Twomey (Fine Gael)

I move amendment No. 1:

In page 16, between lines 35 and 36, to insert the following:

"2.—Where NAMA proposes to establish a Special Purpose Vehicle to purchase, manage or dispose of assets , it shall do so only in accord with regulations published by the Minister and approved by the Oireachtas which shall include, but are not

limited to:

(a) the suitability of investors,

(b) the suitability and behaviours of members of the Board,

(c) the finance, planning accountability and reporting,

(d) the manner in which the Special Purpose Vehicle shall discharge its functions under this Act,

(e) the method of determine the appropriateness of paying a dividend or bonus to investors, and

(f) its consistency with the statutory objectives of NAMA under this Act.".

I am only moving this amendment on Report Stage because we felt it was a good amendment that the Minister would not accept on Committee Stage. The Minister said he thought that the proposal to get the Irish people involved in the ownership of the private part of the SPV was not such a bad idea. I decided I would table this amendment on Report Stage to see if the Minister had any further comments on that. Making the Irish people the owners of the private part of the SPV would help to legitimise this whole project in the next few years.