I express my serious concern at the news that a senior official in the National Asset Management Agency, NAMA, who was responsible for managing some of the most indebted borrowers with the banks in this country has taken up a new job with a London based property investment firm just weeks after leaving his position with the agency. To have a senior NAMA official taking a position in a private property company raises serious questions about the judgment of the board of NAMA in allowing this to happen. It is clear that the individual in question would have had access to all property and loan values during his tenure with the agency and that he will be in a position to provide this information for a specific property company in the United Kingdom, in which he is now a partner. Mr. Paul Hennigan, in his position as a senior official in NAMA-----

We do not name people in the House who are not here to defend themselves.

This is a matter that was reported in a Sunday newspaper; therefore, it is very much in the public-----

It is in the public interest.

It has been reported in the media.

That does not make a difference. They are not here to defend themselves and I ask Senator Lorraine Higgins to refrain from naming people in the House.

People are familiar with the individual in question. However, the point is that he was-----

There is privilege attached to the Chamber which makes it different. I ask the Senator to refrain from mentioning people in the House.

I will, a Chathaoirligh, and apologise for doing so. The individual in question will have had access to commercially sensitive information which could potentially benefit him to the detriment of the taxpayer in his new role in the business in which he is a partner. We must do something about this. It is outrageous that there is still an inside track culture in Ireland. We must call on the Minister for Finance to investigate this latest scandal in financial services. I also call on the NAMA board to immediately review all existing employment contracts with its employees, particularly senior officials, to ensure there is a bar on them taking up employment in private property or investment companies for a two year period. That is the least the taxpayer deserves after all these builders were bailed out by the banks and the bad loans have ended up in NAMA. It is a disgrace that this has happened and we must do something about it.

Well said.