Paul Coghlan (Fine Gael)

Senator Coffey made an interesting point on Anglo Irish Bank and the apparent willingness of the Minister for Finance to countenance a more rapid, orderly wind-down. What is the least expensive option for the taxpayer? How did the European Commission differ from the Government in respect of the proposals of the latter on Anglo Irish Bank? This is a key question. Will a good bank emerge from the rump of Anglo Irish Bank? We need to have answers, or at least clarification, on these matters quickly and in the interests of transparency.

The European Commission has also curtailed the powers of the National Asset Management Agency. We do not yet have the full details of what took place. Does it mean the Government will sponsor an amendment to the legislation on NAMA approved by both Houses and signed into law by the President? We need to know what its intentions are in this respect. Sadly, stories are continuing to emerge about conflicts of interest vis-À-vis NAMA progressing its work. We must guard against such conflicts of interest. The House needs to discuss these matters as a matter of urgency.

Is it possible to combine a debate on these issues with a discussion of the Financial Regulator's proposals on the governance of banks and the fitness, competence and probity of their directors? In the light of recent developments, I have no doubt the Government will have to appoint further public interest directors to the banks.