Banks getting all the gravy in this dog's breakfast

DÁIL SKETCH:IT'S DONE now. For good or ill the legislation to deal with "bad", "distressed", or "impaired" bank loans – take your pick of labels – has weaved its tortuous way through the Dáil and Seanad. Twice.

The State (and its taxpayers) have signed up to what the Opposition has repeatedly tagged the biggest property company in the world. And it was created through the National Asset Management Agency Bill, making a reappearance in the Dáil yesterday after three days in the Seanad. The Bill then returned to the Seanad to deal with an amendment on the protection of whistleblowers. The Senators gave it solemn consideration – for some 20 minutes. The amendment and the 151-page Bill were then duly passed. And barring accidents, upsets or the Council of State, the President is expected to sign it into law next week.

In the Dáil there was much reheating of the row about the adequacy or otherwise of the discussion on the Bill, repeatedly described by the Opposition as the “most important legislation in the history of the State”.

Opposition leader Enda Kenny was not in the Dáil for the vote on this “most important legislation in the history of the State”, but leading his party’s pre-budget roadshow in Waterford. In his stead Fine Gael colleague Phil Hogan warned that Nama was “not built on steps that will get credit moving”. Labour leader Eamon Gilmore said it was the “biggest corporate welfare cheque ever written”. He totted it up at €18 billion being paid out. “It’s almost as if it’s not real money,” he said, but calculated the amount would pay the social welfare Christmas bonus for 90 years.

Sinn Féin’s Caoimhghín Ó Caoláin did some totting up of his own and highlighted the 37 amendments that came back from the Seanad. That was an admission, he said, that the legislation was “flawed”.

Labour’s Joan Burton described some of the amendments as a “dog’s breakfast”, while Kieran O’Donnell, keeping with the food metaphors, said the banks were getting “all the gravy” and giving nothing back. At the vote there were a number of empty seats on the Fine Gael benches, including Enda, deputy leader Richard Bruton, enterprise spokesman Leo Varadkar and Mr Doom and Gloom himself, George Lee.

The Government passed the Bill by a phenomenal margin of 81 to 62 on the electronic system. A collective groan went up when Fine Gael whip Paul Kehoe called for a walk-through vote. Fianna Fáil’s Noel Treacy shouted over “Don’t embarrass your leader”, followed by “where’s your leader”. Fine Gael’s Michael Ring retorted “we’re going to put you all into Nama”. But it gave a flushed and sheepishly smiling Richard Bruton and Leo Varadkar time to rush back from Waterford to cast their vote against. The result remained the same, though the vote differed slightly at 81 to 65.

The only remaining question – apart from whether Nama will work – was who was that third Opposition voter?