Senator Daly reiterates the need for a debate on NAMA as a matter of urgency

Order of Business


Senator Mark Daly: Last week and weekend my colleague for Kerry, Senator Coghlan, debated NAMA. Last Sunday’s edition of the Sunday Independent ran a full front page story on NAMA.

Senator Paul Coghlan:The Senator cannot believe everything he reads in that newspaper.

Senator Mark Daly:I thank Senator Coghlan. While I agree with him that one cannot believe everything that one reads, he would be aware that his own leader, Deputy Enda Kenny, who is the Taoiseach, and he said that in June that he was concerned about NAMA and its operations.

Senator Paul Coghlan:He has expressed his fullest confidence in it, as has the Tánaiste.

An Cathaoirleach:Senator Daly please, without interruption.

Senator Mark Daly:If he was so full of confidence, he would not have raised the issue at a previous meeting of the British-Irish Parliamentary Assembly, which was held in Cork.

Senator Paul Coghlan: He explained all of that at the time.

Senator Mark Daly:He did explain it all at the time.

An Cathaoirleach:Does Senator Daly have a question for the Leader?

Senator Mark Daly:I have. I think we should debate NAMA and the bank resolution—–

Senator Paul Coghlan:The Senator should introduce a Bill during Private Members’ time.

An Cathaoirleach:We cannot have this Kerry saga continuing in this Chamber every week.

Senator Terry Leyden:Senator Coghlan is very sensitive about this issue.

An Cathaoirleach:Senator Daly, without interruption.

Senator Mark Daly I know my colleague from Kerry would—–

An Cathaoirleach:Does the Senator have a question for the Leader?

Senator Mark Daly:I have. I am suggesting that this issue should be debated as a matter of urgency. Fianna Fáil’s next Private Members’ time is three weeks away. Every time NAMA sells a property or an asset without openness or transparency, the Irish taxpayer loses hundreds of thousands of euro, if not millions of euro. NAMA and the Irish banks are agreeing deals at a cost to the Irish taxpayer.

Senator Paul Coghlan:Does the Senator know they are making profits on the deals they are doing?

Senator Mark Daly:With all due respect to the Senator, he is quite aware that the banks are making a loss.

An Cathaoirleach:The Senator is over time.

Senator Mark Daly:NAMA has taken over these loans at a loss to the banks in question. The Irish taxpayer is footing that bill, as Senator Coghlan is well aware.

Senator Paul Coghlan:The Senator is misleading the House again.

Senator Mark Daly:I ask Senator Coghlan, as the Fine Gael Whip in this House, to provide time for a debate on this issue as a matter of urgency.


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Filed under NAMA and Irish Bank Resolution Corporation Transparency Bill 2011

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