NAMA legislation must change to allow for accountability
In the Seanad today I called for NAMA legislation to changed to allow for more transparency and accountability.
Arising out of the revelations relating to Nama's activities in recent days it is clear that much of what appears to have gone on was facilitated by the veil of secrecy surrounding the agency's operations. The last FF government, at a cost of billions to the Irish taxpayer, created NAMA yet there is no transparency or accountability required from the agency. And it is clear to me that the legislation governing the agency, the NAMA act, is severely limited in scope and has helped to create these recent problems which is contrary to the public interest.
The reality of the situation is that we don't know what deals are being done and we don't know the identity of those buying property from the agency.
And I feel it is not right to put private sector assets into a body which could be subject to influence because there is no accountability.
The reality is NAMA has a critical role to play in ireland's economic recovery and we urgently need to restore confidence in the agency again. We need to start by reviewing the draconian power the agency have and we need to look at amending the NAMA Act to make it more accountable and transparent to the Irish people.
We cannot have unsavoury practices continuing to go on and we must strive for better standards. For that reason I would request that the Minister for Fnance and Minister for Justice come into this house early in the new year to look at debating the possibility of amending the legislation to allow for accountability because without doing so we will have learned nothing.
In the Seanad today I called for NAMA legislation to changed to allow for more transparency and accountability.
Arising out of the revelations relating to Nama's activities in recent days it is clear that much of what appears to have gone on was facilitated by the veil of secrecy surrounding the agency's operations. The last FF government, at a cost of billions to the Irish taxpayer, created NAMA yet there is no transparency or accountability required from the agency. And it is clear to me that the legislation governing the agency, the NAMA act, is severely limited in scope and has helped to create these recent problems which is contrary to the public interest.
The reality of the situation is that we don't know what deals are being done and we don't know the identity of those buying property from the agency.
And I feel it is not right to put private sector assets into a body which could be subject to influence because there is no accountability.
The reality is NAMA has a critical role to play in ireland's economic recovery and we urgently need to restore confidence in the agency again. We need to start by reviewing the draconian power the agency have and we need to look at amending the NAMA Act to make it more accountable and transparent to the Irish people.
We cannot have unsavoury practices continuing to go on and we must strive for better standards. For that reason I would request that the Minister for Fnance and Minister for Justice come into this house early in the new year to look at debating the possibility of amending the legislation to allow for accountability because without doing so we will have learned nothing.
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