Paul Coghlan (Fine Gael)

Sections 3 and 4 of the Bill propose the publication of debtor-specific information, including details of debtor properties. This is expressly prohibited under the legislation which established NAMA and which was introduced by Senator Daly's party. It was expressly prohibited for reasons I will raise presently. Information about debtors is also protected against disclosure by the Data Protection Act and the normal rules of banking confidentiality. This Bill would, in the face of these protections, expose the State to constitutional challenge by a NAMA debtor. From a commercial perspective the Bill is extremely poor. Its implementation would have the effect of placing NAMA in a straitjacket in the conduct of its business on behalf of Irish taxpayers and would actively discourage potential purchase interest in NAMA-controlled properties. Sections 3(f) and 4 would require that all offers and successful bids be published.