Martin Mansergh (Tipperary South, Fianna Fail)

I will respond to the points made as briefly as I can. To respond to Senator Callely's point, which is not strictly on the amendment, there will be no change in the rights and obligations of the debtor under NAMA than had been the case with the participating institution.

Section 35 provides that NAMA, within three months of the establishment day, is to prepare codes of practice for approval by the Minister for Finance. It is normal that codes of practice of a State agency are approved by the Minister with responsibility for that agency. Section 35(1)(f) allows the Minister to make codes of practice in regard to any other matter he considers necessary. The general power of direction to make codes of practice is sufficient and it is not necessary to add to the list of codes of practice as purposed.

I draw attention to the provisions of section 45, which states: "NAMA shall seek to ensure that each expert adviser or service provider ... makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to NAMA". Therefore, I cannot accept the amendment.