Elephant in parliamentary garage not yet tested

DÁIL SKETCH:NEW AND pristine but, according to the Opposition, its financial roadworthiness untested, the special purpose vehicle (SPV) remained the elephant in the parliamentary garage throughout yesterday's long day at the Oireachtas committee's consideration of Nama.

Minister for Finance Brian Lenihan wanted full speed ahead, while the Opposition mounted road blocks, seeking further clarification about the vehicle.

The SPV, with €100 million in capital, will be responsible for the purchase, management and disposal of loan assets identified and valued by Nama. It will be a separate legal entity, jointly owned by private investors and Nama.

Proceedings were not long under way when the vehicle was wheeled into the Dáil chamber.

Chairman Michael Ahern TD attempted to take the steering wheel, noting the three-minute time limit on contributions. But it was honoured more in the breach than the observance.

Fine Gael’s Seán Barrett, believing, perhaps, that the vehicle had a tiger in its tank, described it as “this famous animal”. He felt that the legislation did not adequately deal with it.

“That question was raised already,” said a weary Ahern.

Barrett motored on, wondering if the Minister would have to introduce a whole load of amendments covering the vehicle at report stage.

An irritated Lenihan, reading spectacles placed and removed from his nose with great rapidity, remarked that he had already explained all about the vehicle.

Barrett was in a equally tetchy mood. “I’m sorry if I bore you, Minister, but I think, as a member of the Oireachtas, I’m quite entitled to ask you a question,” he snapped.

To the ordinary human being, said Barrett, Nama meant Nama.

“SPV means something else in law, which your yourself decided on,” he added.

Lenihan said that the Attorney General was happy with the provisions relating to the SPV in the legislation.

Fine Gael’s Richard Bruton felt the Minister’s assurances on the viability of the SPV should be given legislative effect, before “we allow all this to leave the harbour”.

Lenihan remarked that he had asked the Attorney General to go through every section of the Bill to ensure consistency with the SPV.

Labour’s Pat Rabbitte said he had missed some remarks made by the Minister on Wednesday. “I must have dozed off in the excitement,” he said. Rabbitte’s reference related to the financial regulator. By then, the vehicle had been temporarily parked.

And so it continued, with the prospect of a very late night looming, given the deadline of midnight and beyond to conclude matters.