Lorraine Higgins (Labour) | Oireachtas source

The National Asset Management Agency Act, which governs the activities of the agency, is severely limited in scope and has helped to create this monster which is being run in a way that is contrary to the public interest. We do not know what deals are being done and nor do we know the identities of those who are buying properties from the agency. It is not right to vest control over private sector assets to a body which could be subject to influence in the absence of accountability.

NAMA has a critical role to play in Ireland's economic recovery. We urgently need to restore confidence in the agency. We could outline any number of allegations during the coming days but we need to do something constructive. We must begin by reviewing the draconian powers the agency possesses. In addition, we need to consider amending the NAMA Act in order to make the agency more accountable and transparent to the Irish people. We cannot have unsavoury practices continue and we must strive for better standards from the agency. For that reason, I request that the Ministers for Finance and Minister for Justice and Equality come before the House early in the new year in order to debate the possibility of amending the legislation to allow for accountability. The latter was not done when Fianna Fáil was in government.