SEANAD REPORT:MINISTER FOR Finance Michael Noonan told the House a senior international banker was at present examining the National Asset Management Agency (Nama) on his behalf.

This person, later named as Michael Geoghegan – who was the chief executive of HSBC bank until last March – had experience in this field and would be providing him with advice. “So I’ll get a better read out of it. But I am not proposing to change the legislation yet, anyway.”

The people in Nama were above reproach, but they had a colossal task to perform.

The Minister pointed out that Oireachtas members could now contact Nama for information. “If someone comes to you and they think they’re being wronged, you can get a read-out on that by making the phone call and you can feel that you are legally protected, because this has been officially agreed now.”

Decisions taken at the recent Luxembourg EU ministerial meeting would emerge as the weeks went by. There would have to be a European plan for economic growth and the responsibility for this would have to be taken by the strong economies. Europe appeared ready to address the recapitalisation issue. “I hope that a lot will happen over the next couple of weeks, because if it doesn’t we are facing an unmitigated disaster. And I certainly hope that doesn’t happen.”

Seanad deputy leader Ivana Bacik (Lab) voiced her disappointment that no timeline could be provided for the honouring of the Government’s commitment to end the detention of 16- and 17-year-olds in St Patrick’s Institution, a practice criticised at the UN human rights review in Geneva. Reasons had been cited as to why St Patrick’s was wholly inappropriate for children.