Mark Daly (Fianna Fail)

In that event, I propose an amendment to the Order of Business to the effect that No. 11 on the Order Paper be introduced today. I also wish to second Senator Cullinane's amendment. The legislation to which I refer relates to a matter we discussed in the House on 29 January last in respect of the lack of transparency in NAMA. In June, the Taoiseach, Deputy Enda Kenny, voiced his concern with regard to developers buying back their own properties. NAMA put in place a website in July but, unfortunately, it is far from transparent. In recent weeks, a former director of Anglo Irish Bank who lent money to a consortium which bought the Four Seasons Hotel bought that property on behalf of another consortium. These developments are deeply disturbing. There is a lack of transparency in the way NAMA and Anglo Irish Bank are conducting their business and selling loans and property.

An Australian newspaper recently carried an interesting article on how a former worker at the UniCredit Bank Ireland — an Italian financial institution based in Dublin — left his job when his boss asked him to engage in illegal activity. He has said he went to the Financial Regulator to tell him what was going on, but four years later the regulator has still not come to a conclusion on what happened in Unicredit Bank. It truly was the Wild West of banking in the western world.