Mary Hanafin (Dún Laoghaire, Fianna Fail)

These recommendations seek to increase the oversight provision in respect of NAMA. However, such provision is already contained in the NAMA legislation. I accept the point in regard to the first report being published just as the Dáil and Seanad go into recess. The legislation states "on or before" the 30th. I am sure the Minister could suggest it comes in good time to enable the Oireachtas to debate it. I believe that would be important, in particular in respect of the first report of NAMA's work for the first quarter. I will suggest to the Minister that he do this.

It is only following completion of four quarterly reports and the audited accounts - the Minister indicated he is open to the idea of establishing a sub-committee - that the Oireachtas can have real accountability, which is what we all want and I fully accept that. The Minister for Finance also accepts that. However, he does not need new powers in this legislation to enable him to do so as he already has those powers under the NAMA legislation.

On the remuneration, the Minister answered a parliamentary question on this matter on 10 March last. Parliamentary questions are another avenue for Deputies to obtain information and this mechanism also provides accountability. The Minister set out in his reply the details of the remuneration of the board members. The chairperson will receive an all-inclusive fee of €170,000 per annum on the understanding that the incumbent is available without restriction. The chairperson of the credit committee, who is expected to work no less than three to four days per week, will receive an all-inclusive fee of €150,000 and the five remaining ordinary board members will each receive a fee of €50,000 per annum. The chair of other committees will receive a fee of €10,000 per annum in addition to his or her ordinary board member fee subject to a maximum of one per member. The Minister indicated in that reply in setting the fees account was taken of the critical importance of the work to be undertaken by the board and the fact that its workload will be by normal standards excessive in the first year of operation. The Minister has stated he intends to review the fees after one year. The first year will obviously be a particularly busy one.

In so far as the recommendations seek to give powers of oversight that already exist in other legislation, I am unable to accept them. However, I do accept the argument that the Oireachtas should have an oversight role. I believe this will come into play once the quarterly reports are laid before the Houses of the Oireachtas.