Paul Kehoe (Wexford, Fine Gael) | Oireachtas source

I thank Senators for their contributions to this debate. It is clear that all Members of this House share the Government's desire to ensure that the NAMA commission of investigation conducts an effective investigation into matters of significant public concern. A number of issues were raised during the course of the debate which I will endeavour to address now.

The issues of significant public concern that have arisen in relation to NAMA have been the subject of much media and political debate over the last while. Commentators from across the spectrum have aired their views on what may or should have happened regarding the sale of the Project Eagle portfolio by NAMA. I believe that the debate in the House today and the points that were made by all Senators largely reflect the constructive nature of the consultations between the Taoiseach and Opposition leaders over the past few months. Those consultations considered the limitations that will face a commission of investigation and the cost of operating such a commission. A number of Senators asked why a commission was being established. Quite simply, the Opposition parties believed it was necessary despite its limitations, which were made very clear by the Taoiseach at the time. The Taoiseach also made it very clear that it would be very costly.

A number of Senators expressed concern about the potential costs involved, especially given the fact that we have reports from both the Committee of Public Accounts and the Comptroller and Auditor General. They asked what more a commission of investigation could find out. I agree with the Taoiseach's assessment that this is going to cost millions of euro but I am not sure if it will find out any more than that found out by the Comptroller and Auditor General. However, in view of the consensus among Opposition parties, the Government agreed to proceed with a commission of investigation. The Committee of Public Accounts is also of the view that a commission of investigation is justified. The published terms of reference also reflect detailed consultations with Opposition representatives.