Seanad debates

Wednesday, 11 November 2009

National Asset Management Agency Bill 2009: Report and Final Stages

 

6:00 pm

Photo of Joe O'TooleJoe O'Toole (Independent)

The Senator might just be wrong on this one, however. The issue is that the Minister was quoted in his absence last night by his ministerial colleague, Deputy O'Dea, who said a number of things. I gave examples such as the fact one might be left with 50 houses in Tulsk or a cinema somewhere else which might be used for social and affordable housing or as a community hall, respectively. The Minister for Defence said, in effect, that in the event these could be transferred in specie to the Minister who could then offer them to the highest bidder from the local authorities. I was completely winded by this because I had read the legislation very carefully, as the Minister knows because I discussed it with him many times over recent months. I said the Minister was going to be buying and selling and was going to be a trader, auctioneer, agent, operator, shopkeeper or whatever. When I challenged the Minister, Deputy O'Dea, on this point, he quickly changed his position and came up with a new explanation to the effect that were the Minister to try to take control of assets, he or she would want to pass them on to some aspect of his or her area, and the only way in which this could be done in many cases, without specifying, would be if it could be vested in the Minister.

When I read it first, I tried to do what a legislator should do. I asked what it meant, and while the words were clear enough, the meaning escaped me. I wanted to know how this fitted into the business plan. Obviously NAMA would not make money by transferring stuff for buckshee to the Minister, so it did not fit in with the making money end of things one way or another in terms of transfer rather than purchase.

I then thought I had the answer. It seemed akin to Grattan's Parliament with NAMA eventually voting itself out of existence. Senator Mullen might appreciate it that I have recommended to some of my children that they join remote orders so that they could be there for the share out at the end, the last man standing, so to speak. I had this view that at the end of NAMA one could be left with a couple of rocks or houses or housing estates. What would be done with them? All that could be done would be to transfer them, in specie, to the Minister, in order that at least they would be owned by the State.

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