Alex White (Labour)

I move recommendation No. 35:

In page 210, before section 149, to insert the following new section:

149.—The following section is inserted in the National Asset Management Agency Act 2009 after section 1:

"1A.—(1) For the purposes of this Act, 'the Oversight Committee' shall mean a committee of the Houses of the Oireachtas, or a sub-committee thereof so enjoined and appointed by a Resolution of the Houses, consisting of specified persons not being members of the Houses of the Oireachtas to report to the Houses of the Oireachtas every 30 days on the operation of this Act and the activities of NAMA.

(2) The Minister, NAMA, and any other body or person having functions under this Act shall be required to co-operate with the Oversight Committee in the performance of its functions.".

During the debate on the NAMA legislation, many Members were calling for some element of Oireachtas oversight to be introduced as part of the arrangements. On different Stages, the Minister for Finance said he had some sympathy for such a proposition. Since the legislation has been passed, we have had to rely on the information leaked to the media as to what is happening with the agency and its work. For example, we hear of rumours about the imminent passing of certain large loans from the banks to NAMA. I do not know whether it has happened or if it is in the process of happening - Members of the Oireachtas should not have to ask such questions. There should be greater clarity about what is happening in our name, in the context of such important and enormously expensive commitments being given on behalf of the taxpayer by the Oireachtas. In the circumstances we thought it prudent to introduce a recommendation on the issue at this stage of the finance Bill. It was aired here before but not satisfactorily dealt with by the Minister. I am prepared to accept that the Oireachtas cannot expect to look over the shoulders of professionals on a daily or hourly basis. The people concerned have been retained to carry out this work. I do not refer to that level of scrutiny, which would not be practical. While I understand this, I do not understand the apparent unwillingness to provide for any element of Oireachtas oversight or scrutiny of what is happening in NAMA. This should be possible because it happens elsewhere in public life and public policy where there is reasonably regular scrutiny of important Government activity but little or none is provided for here. In other jurisdictions, where major bodies such as this have been set up, there is provision for the equivalent of the Oireachtas to receive a flow of information, if not actual scrutiny of their workings. That is the basis on which we tabled the recommendation, which has merit. It chimes with what the Minister for Finance said. I cannot remember precisely what he said and did not have time to find the quote but it was my understanding that there would be an element of oversight by the Oireachtas of these important matters.

Recommendation No. 36 concerns the provision of a six-monthly report by NAMA for the Houses of the Oireachtas setting out details of its operations, including the identities of the owners and particulars, including any assets acquired by it during the period in question valued at over €100,000, as well as a corporate operational plan and budget.