Pearse Doherty (Sinn Fein)

Rinne mé dearmad comhghairdeas a dhéanamh leis an Aire ar maidin faoin Roinn úr. Guím gach rath air san am amach anseo. In line with Senator Alex White's comments, I refer to recommendations Nos. 38 and 39.

Recommendation No. 38 deals with oversight and the accountability of NAMA to the Houses of the Oireachtas. It envisages the establishment of a cross-party committee, to which NAMA would report on the purchases made by it. Recommendations from that committee could be made to NAMA in respect of its portfolio based on economic and social needs. We expected accountability and are arguing for the presentation of a report on a quarterly basis. It is important that for bodies such as NAMA there is a proper set of accountability and reporting measures. The recommendation strives to achieve this. I ask the Minister to agree to it in spirit, as it is in line with the recommendation tabled by the Labour Party. An increased level of oversight, reporting and accountability to the Houses of the Oireachtas would be acceptable.

Recommendation No. 39 deals with the remuneration of NAMA board members. The Minister will be required to place all decisions relating to the remuneration of NAMA board members before the Houses of the Oireachtas for approval. In the past two weeks my party colleague, Deputy Morgan, revealed that within a couple of weeks of NAMA being established, 12 days after public sector workers had their wages cut in last December's budget, decisions were taken to increase the remuneration of its board members from €38,000 to €50,000 and of the chairperson from €100,000 to €170,000. The chair of the finance committee receives €150,000 for what is expected to be a three to four day working week. There are serious questions to be answered and serious anger. It does not wash that the Government now realises there is more work to be done than was originally envisaged. People took these jobs for the rates of pay on offer. The Minister can tell this to the lower paid workers in the passport office. This is what causes some of the anger among the public. People have seen low paid workers being asked to an accept cuts in pay of 13% over the course of last year, while the board of NAMA was hardly in place a wet week when the Government decided to provide the chairperson with a 70% increase. We do not know if board members are up to the job or doing a good one, which is not to say they will not. They have not been there long enough. The Minister should place the rates of remuneration of NAMA board members before the Houses of the Oireachtas for approval. He should also reverse his decision to increase their pay. We need to consider this measure for the time ahead.