Terry Leyden (Fianna Fail)

I wanted to clarify the situation referred to by Senator Harris. The Minister kindly received and read the letter. The point made very clearly to me by the people involved was that they hope the Minister acts on the letter. I sent a text back to them on that issue.

I know the difficulties, as we all do. Some young people in the public service are not on the maximum income and have committed themselves to very expensive loans through the activities of the banks, which the Minister is now resolving. They are landed with negative equity and the danger that they will have a reduction in their pay, which will make it difficult to repay the loans. The Minister understands and appreciates that. This was one of the points they made to me. Another point they submitted to the Minister is that a reduction in overall salary has an effect in regard to the long-term pensions for retired members. These were the issues, although I know the Minister is burdened with many issues.

The guarantee scheme which the Minister introduced in September 2008 will extend to September 2010. I ask the Minister when summing up to clarify the situation. Concern has been expressed to me by ordinary savers who have funds which are guaranteed under the scheme. I was asked recently where it was best to put money, whether in the post office or another institution which would really guarantee future deposits. While I know there is no danger to deposits because the guarantee is in place, I ask the Minister to state clearly that the guarantee will be extended continuously with regard to deposits.

This issue is linked to NAMA as it is all linked to the banking situation. Without the Minister's quick action last year, we would have been in dire straits and the banking system would have collapsed due to a run on funds. The banks know that, and know the Minister responded extremely efficiently. To my knowledge, it has not cost the State. The charge to the banks for the guarantee introduced last year has resulted in some funds accruing to the Government. The only group in the House that opposed the guarantee was the Labour Party. Will the Minister clarify the points I have raised?

With regard to a point I made on Second Stage, there is a role for the OPW in carrying out the work of NAMA. The Minister's Department has direct responsibility for the OPW. It is the largest architectural practice in Ireland and has done most extraordinary work for the country. It has been decentralised to Trim. It has the capacity to manage estates and properties of architectural and heritage value. There is no need for any amendment to facilitate the OPW because the Minister has full power over the organisation. The OPW has a role to play and it would be worthwhile investigating where it could be of assistance to NAMA in carrying out its responsibilities.

I received very good advice on this matter. I will not read it because I was asked not to. The country needs a solution and NAMA is the only one available currently. The legislation establishing it needs to be implemented. The United States took a similar approach in the 1980s, as the Minister knows, and it proved successful and paid off. The US taxpayer actually won because of the decision taken at the time.

To some extent, the issue whether NAMA will pay more than the current market price is not the most important. Whatever excess it might pay will be more than recouped once economic activity resumes. The State will generate an additional return in the form of an equity return on its shareholdings in the banks. To my mind, it could be a win-win situation. The Minister would not have gone down this road in the first instance if he could have avoided it or if the banks could have solved the problem.

The banks will attract more funds. There is considerable funding available, irrespective of whether one believes this. Those who made money on the sale of properties and land, including builders, have money. Some of this money is still available and if the Minister could make it attractive for it to be invested, be it in Anglo Irish Bank or a bond, it would be tremendous. I have been made aware that, through the special purpose vehicles, funds from private sources can be raised.

I commend the Minister on introducing the Bill. It is receiving tremendous support from the public which is impressed by the Minister's handing, command and knowledge of the issues involved. I compliment him and his officials who have done tremendous work on NAMA. I have been a Member since 1977, although I had a break for ten years, and in that time I never dealt with a more important Bill than this one. All we can do is wish it success. It will be successful in the longer term.