Brian Lenihan Jnr (Dublin West, Fianna Fail)

I agreed in the Lower House to advertise for the board of NAMA and I have received 500 applications to date. I will examine Senator MacSharry's suggestion, which might be appropriate in this context.

On the merits of this amendment, a great deal has been inserted into the legislation to ensure that this body is far more transparent and accountable than any other body we have established. The direct link of accountability to the Minister is there through the ministerial power to give directions. I was struck during the debate in both the Dáil and the Seanad by how little criticism that power has received. When the proposed legislation was tabled, there was a great deal of criticism that the Minister had dictatorial powers and could tell NAMA what to do. There was further criticism along those lines when the Bill was initiated. As the debate progressed, however, many Members on both sides of both Houses realised how important it is to retain a line of ministerial accountability for the operation of bodies such as this.