| Senator Mark Daly Requests a Debate on NAMA's Code of Conduct Regarding Sale of Assets |
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| Written by MD | ||||||
| Saturday, 05 February 2011 09:02 | ||||||
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Senator Mark Daly Requests a Debate on NAMA's Code of Conduct Regarding Sale of Assets Seanad Order of Business Wednesday 26 January 2011 Will the Leader arrange a debate on amendments to the NAMA legislation? Section 35 of the National Asset Management Agency Act, concerning the sale of assets under NAMA’s control, requires that a code of conduct regarding the disposal of bank assets be drawn up in three months after enactment. This was done but under the code of conduct all assets must be disposed of by auction or competitive tendering process. This is not happening, however. There are numerous anecdotes, which I am sure colleagues have heard, about people who owe hundreds of millions of euro to the banks but who are illegally putting bids in on their own debt through third parties and offshore companies and buying it back at hugely reduced rates. Senator Paul Coghlan: What is the Government doing about it? Senator Mark Daly: Despite this, NAMA is not following the legislation passed by this House. If it did, such bids would not be occurring. An Cathaoirleach: Is Senator Daly looking for a debate? Senator Mark Daly: I am looking for a debate. An Cathaoirleach: It is questions to the Leader. Senator Mark Daly: If there were more time in this Government, amendments to the NAMA legislation could be introduced. Senator Maurice Cummins: This Government has done enough damage already. Senator Frances Fitzgerald: Senator Daly should remember the Government collapsed itself. Senator Ivana Bacik: Is Senator Daly looking for more time? Senator Mark Daly: We had that debate yesterday. Senator Ivana Bacik: Senator Daly was trying to re-open that debate earlier when I was speaking. Senator Mark Daly: The issue is still the same as yesterday. The Labour Party could have had an election yesterday if it had wanted to and had the guts to do it. It did not do it. The Labour Party funked it. An Cathaoirleach: Time now, Senator Daly. Senator Ivana Bacik: I do not think the election could have happened yesterday. Senator Mark Daly: You lot did not do it. You funked it. An Cathaoirleach: Senator Daly, please speak through the Chair. It is questions to the Leader. The Senator’s time is up anyway. I call on Senator Quinn. Senator Mark Daly: Will the Leader bring in the Minister for Finance at the earliest opportunity to debate this most serious issue? Of the €2 billion in banks assets sold so far, the taxpayer has only got back €200 million. An Cathaoirleach: Senator Daly, please. Your time is up. I have called Senator Quinn. Senator Mark Daly: The rest of that amount has gone to banks not under NAMA.
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