I welcome the Bill to facilitate the orderly wind-up of NAMA and the IBRC, an end of sorts, in part, to the contemptible chapter of history, which saw Irish taxpayers bail out the banks in a process that was quite poor in terms of the return for the Irish people. In many cases, these assets were captured by vulture funds at rock bottom prices. The full truth of Project Eagle and other projects may never be known. Given that NAMA was handed a portfolio of property assets at the bottom of the market and against a backdrop of having seen complete market recovery and a deepening housing crisis, it sticks in the back of people's throats. It is difficult to understand and hard to dismiss how a cynical person might view the outworkings of NAMA. As I have said, this is an end of sorts but only in part. The conclusion of the work of NAMA and the IBRC is not the end for the taxpayer or many Irish generations to come. The Government may try to portray this as a success, but the fact of the matter is that this was a core component of the Government's overall bank bailout, a bailout for which the Comptroller and Auditor General put the net cost at €45.7 billion. NAMA achieved a meagre €5.2 billion return on €32 billion in assets when the market was at its very bottom. The same principle holds for the State sale of AIB and PTSB shares, which were sold on the cheap and cost the State billions. The Government is not just failing in terms of public services; its management of State assets is woeful. In terms of the practicalities of the wind-up, one that was recently considered by the Committee of Public Accounts, of which I am a part, relates to the former CEO of NAMA who returns to the NTMA on the same terms and conditions he is currently on. We were told last week in a committee meeting that he will return with a salary of €430,000. That does not seem right. There is no vacancy for a CEO, as far as I am concerned, in the NTMA. Perhaps the Minister of State could fill in the blanks. Why is a job in the NTMA being offered to the former CEO of NAMA? We would like clarity on that. NTMA officials are among the most highly paid in the Civil Service. We are told this is necessitated by their expertise and that they receive bonuses when most in the Civil Service or public service do not. We know that only a few years ago the NTMA spent €51,000 on two parties for staff. As I said last week in the Committee of Public Accounts, it is a great place to work. It seems the jobs in NTMA are among the best in the country, with the remuneration of the private sector and all of the benefits of the Civil Service.

Sentiment score: 0.08