The manner in which the NAMA Bill was handled by the government at Report State today is a total disgrace, which has made a mockery of our parliamentary system.

The insistence of the Minister for Finance that a guillotine should be imposed on the Report Stage for 8.00pm this evening meant that less than one sixth the 135 amendments were discussed at all. As a direct result of the government decision, there are a number of important amendments introduced by the Minister at Report State – in some cases constituting entire new sections of the Bill – that have not been discussed by the Dail at all.

The opposition showed that it was serious about allowing the Dail to do its job, by agreeing to sit through the night last week to finish the Committee Stage. At the beginning of business today, I indicated a willingness on the part of the Labour Party to sit tomorrow and even over the weekend to ensure that all amendments were discussed. Instead of allowing full debate and thorough examination of all Ministerial amendments, the government went for the soft option of using its parliamentary muscle to bring the debate to a premature end.

It is now seven months since the decision to establish NAMA was announced in the April budget; three months since the draft legislation was published, and six weeks since debate started in the Dail yet the government has still not finalised its proposals as Minister Lenihan has indicated that he will be tabling yet further amendments when the Bill goes to the Seanad next week. Even at this stage, the government still gives the impression that they are making it up as they go along, presenting the opposition with the difficult task of monitoring a moving target.

The Labour Party has believed from the very beginning that the entire NAMA approach was flawed, that it was feather-bedding the banks and developers and that it would expose the taxpayer to an unacceptable level of risk. Nothing I have heard from the government side during the debate has caused me to change my mind.

Some minor concession were extracted from the Minister, but if the government has accepted more the Labour Party amendments it would have increased transparency, oversight and supervision of the NAMA process; provided additional protection for the taxpayer; and placed some restrictions on the vast powers the Minister for Finance is taking for himself.

NAMA is the sole creation of Fianna Fail and the Green Party. Fianna Fail and the Greens must now accept responsibility for the consequences in brings for the Irish taxpayer.