Eugene Regan (Fine Gael)

I also want to raise the matter of farm incomes, as referred to by Senator John Paul Phelan. The Irish Farmers Association estimates farm incomes in 2009 will show a drop of 28% on top of a 13% drop in the previous year. Farmers particularly have been affected by the recent flooding, on top of such a devastating fall in income. There are also villages and towns which are badly affected. It is surprising, therefore, that the Government has not made an application to the European Commission for aid in this respect. The Lisbon treaty and previous treaties provide for solidarity among member states when there are natural disasters. I know the Taoiseach's response was, "We have been in touch with Brussels". However, we should go a little further and get the pencil out to make a formal application. The European Union has assisted us in a similar situation before.

With NAMA, we will also be looking to the European Union to come to our aid. We have evidence from the banks at yesterday's meeting of the Joint Committee on Finance and Public Service that the NAMA bonds will not lead to an overall improvement in credit lending. The bonds which will be given to the banks in lieu of loans will assist them in restoring their balance sheets. Bank leaders say they would be in terrible trouble if they did not have NAMA but the bonds will not necessarily lead to the availability of greater credit in the economy. That was, however, the very purpose of the exercise. That is what is provided in the EU guidelines. There should be a quid pro quo and it should be monitored. We have one statement from the banks that NAMA will not lead to the availability of greater credit, but when justifying NAMA, the Minister for Finance says it will happen. Again, we will be relying on the European Union to ensure NAMA is reshaped and fit for purpose when it is formally notified by the Government. Will the House be kept informed of the notification of NAMA to the European Commission and what the Government puts into it?