Frances Fitzgerald (Fine Gael)

In respect of the motions on the amendments which have returned from the Dáil, I regret that the Government has not accepted more Fine Gael amendments during the debate on NAMA, as they would have strengthened the protection for the taxpayer. Without rehashing the entire debate on the Bill, I note that never before has so much money been handed over to so few people on behalf of so many, namely, taxpayers, for such an uncertain return. As I stated yesterday, while one must hope it succeeds for the sake of the country, it is a gamble. Fine Gael's central worry pertains to the damage this legislation could do to the country, as well as the debt burden that will be placed on every family in the country.

The Fine Gael amendment tabled by Deputy O'Donnell which has been accepted by the Minister in the Dáil ensures the whistleblower legislation protection also applies to employees in the other group entities related to NAMA, about which Members do not know much just yet, that is, the SPVs. Its acceptance is good because it ensures an equality of protection for all employees connected with any entity of NAMA and is a step towards transparency. That is important because it is a step towards transparency in what Fine Gael believes is otherwise a fairly secret work-out process for the banks and those who have been associated with the toxic debts that have arisen. I thank the Minister for accepting these Fine Gael amendments and welcome their return to the Seanad today in this final stage of the NAMA legislation.