David Norris (Independent)

I reiterate my call for a rolling debate on the economy which would obviate the situation which happened here again today, namely, that the entire Order of Business is distorted by legitimate concerns about the economy. While I agree with much of what Senator O'Toole said, I do not agree that the matter of quantum may not be as relevant as it might appear to be. It is extremely relevant when a group of people inside the discredited banks believe that €500,000 is not enough income for a year in a period when we are cancelling the Christmas bonus, introducing prescription charges for people on medical cards and have a strike next Tuesday. It will not calm matters. The same bank announced it underestimated by €1 billion the write-off of its current bad loans. What does that say about the Government's figures for NAMA?

A major property developer whom I will not name said at the launch of Fintan O'Toole's book yesterday that the Government's figures are off the wall. I put on the record the views of Mr. Peter Mathews. He has communicated with me since and believes he was seriously misrepresented by the Minister and, perhaps inadvertently, the House was misled. I have seen his figures, which seem to be perfectly clear, and state €77 billion is made up of €33.8 billion in performing loans and €46.2 billion in non-performing loans. If one gets every single penny of the €33.8 billion and 25% of the other figure, there will be an overshoot of some €11 billion, a bill with which the taxpayer will be hit. That is a generous series of figures and does not take into account the roll-up of bank interest or the fact that there are a large number of property loans under €5 million.

In those circumstances, I ask the Leader if he will invite Mr. Peter Mathews, who is a person of sufficient significance that the Minister for Finance had a lengthy meeting with him, into the House. As he feels he has been misrepresented in this House and the House has been misled, it is important to invite him into the House, which is provided for under Standing Orders, and allow Members to have a question and answer session so we can be fully informed as to the real situation.