Paul Bradford (Fine Gael)

These recommendations are important because while the legislative debate on NAMA has concluded and the agency is now in place to some degree, the political debate and the public concern continues. By any fair assessment there is probably greater concern now about NAMA's role, future and impact on every citizen than was the case at the time of the passage of the legislation. At that time, and it would have been the Minister's colleague, Deputy Brian Lenihan, who would have been here, I felt that every household in the country should have received correspondence from the Government following the passage of the NAMA legislation outlining clearly how it would work, what it was designed to do, its possible timeframe, etc. There was a need to instil some degree of public confidence, but that did not happen.

I do not expect that all of my suggestions will be taken on board but one of the difficulties with NAMA is that, stemming from the major public debate and divide on its creation, there is little public confidence in the agency. Admittedly, the agency can go about its work without the support of the public in an opinion poll but it would be in everybody's interest if there was a greater degree of support for the concept.

The recommendations before the House are reasonable and would help to instil public involvement and knowledge and some degree of public participation via the political system. I hope the Minister will look favourably on them because it is in all our interests that the project works. One shudders to think what will happen to the country and what our future is economically if NAMA does not work. As a first step, it is a little like any project in that a degree of public acceptance followed by a degree of public confidence is necessary. Public acceptance has not yet happened and public confidence has waned. These recommendations, which would show a clear link between the agency and public voice, namely, the Oireachtas, would be a step in the right direction. This would bring an additional layer of transparency and accountability, which is important.

I hope the Minister will respond favourably to the recommendations. Currently, the public's view of NAMA is weak and this needs to be addressed given the entire economic future of our banking system, property portfolios and the country is at risk. While parties on this side of the House opposed and voted against NAMA, it is now a legal entity which is up and running but it has not in any way achieved the degree of public confidence, acceptance or understanding it should have and needs. These recommendations seek to redress some of the current difficulties.