Eugene Regan (Fine Gael)

While it is a hopeful sign that GDP increased by 0.3% in the third quarter, the real measure of national wealth and our standard of living is GNP which has declined by 1.4%. There is no question that we are not yet out of the woods.

When we discuss the state of the public finances and the economy which is expected to contract by 7.5% this year, we must consider that throughout the year directors of companies involved in the various property disasters, bankers and bishops have been forced to resign. These individuals are taking responsibility for their actions or failure to act and otherwise. When will Ministers accept responsibility for the mess that has been created in the economy? When will we have resignations?

I raised an issue related to the National Asset Management Agency in yesterday's debate on the Financial Emergency Measures in the Public Interest (No. 2) Bill. The Minister for Finance stated in November that protracted debate by the Opposition would delay the introduction of NAMA. His political jibe was an attempt to accuse the Opposition of causing a delay in the legislation. The establishment of the National Asset Management Agency was first mooted in April and there was no movement for some time afterwards. The legislation was passed in the House rapidly. Yesterday I asked the Minister of State, Deputy Mansergh, when the scheme would be notified to the European Commission. As the Minister for Finance acknowledged last November, the Commission must approve the scheme. I received a vague answer from the Minister of State that there was no formal notification and that it would not correspond with the business plan. What is the reason for the delay in notifying the scheme to the European Commission?