Pearse Doherty (Sinn Fein)

I will address recommendation No. 39 first. From the response the Minister gave we seem to be on the same page but in reality we are on two different chapters. We have the quarterly reporting which is done to the Minister for Finance. The Minister said that the Minister is disposed to the idea of a cross-party committee or sub-committee on NAMA. If what we are talking about is executing what the Minister is saying the Minister for Finance is in favour of, let us have the quarterly reports but instead of them going to the Minister, they must go to the sub-committee. There must be cross-party support on this issue because regardless of whether we support NAMA, it will be with us for the foreseeable future and this Government might not be. We must get cross-party and proper oversight on it. When will this happen? The Minister talked about confidence but I do not have confidence in the Minister for Finance to carry out his duties in regard to NAMA in an appropriate fashion without the support of a cross-party sub-committee that can assist him in that work and ensure the committee can make recommendations on the basis of the reports being forthcoming from NAMA.

If there is a real intention and commitment on the part of the Minister to set up a sub-committee on NAMA there is no reason not to accept recommendation No. 38. There is no timeframe proposed in the recommendation. It does not propose that the sub-committee must be established tomorrow or next week but that quarterly reports will be made. We are aware from the legislation we amended that quarterly reports will be made, but those reports should go to the sub-committee.

I ask the Minister to review that decision. I welcome the comments she made on the Minister's commitment regarding the approach of a sub-committee but we need it now. We are about to see in the region of €17 billion in assets and debts transferred to NAMA in the coming weeks and we do not have that structure in place. The first action we should have taken was to put in place the oversight and accountability measures.

I want to tease out the issue of the remuneration. The Minister said that the Minister is in favour of oversight but that does not deal with the question because the reality is that the remuneration of NAMA board members has already happened. We have seen the increase. The Minister might explain to me who took the decision to increase the chairperson's salary from €100,000 to €170,000. What consultation was done with other parties in that regard? Was it discussed at any committee or was it solely a decision for the Minister for Finance? Obviously, the Minister for Finance will retain the responsibility but there would be a requirement on him to place that decision before the Houses of the Oireachtas for approval. It should not be left to the position that happened just over a week ago where Sinn Féin, by tabling a parliamentary question, found out that 70% wage increases had been given to the chairperson of NAMA and that board members' salaries had increased substantially as well. The Minister might explain that to me because in terms of remuneration of NAMA board members, she mentioned that the Minister for Finance is in favour of oversight. What oversight was in place when he had already taken this decision at the end of last year? Who made the decision? What consultation took place? If I got answers to those questions it might allay my fears or negate the necessity to press this amendment.