With regard to the four budgetary adjustments that have taken place in the last year, the position is that this has had the result of reducing a potential deficit of 15% of our annual wealth to 10.5%. I should tell Deputy Bruton that this is a substantial fiscal achievement and it was secured in relation to expenditure as well as taxation.
I will now turn to the other issues raised. The suggestion that the heads of the NAMA Bill should be circulated to the Joint Oireachtas Committee on Finance and the Public Service in advance of the publication of the legislation is an excellent one. I will see whether it can be facilitated. I will communicate further with Deputies Bruton and Burton on that.
Legislation to establish and govern the operation of the national asset management agency will be introduced during the summer legislative session. Initial work on the preparation of the legislation is under way in parallel with preparation for the operation of the agency. I am considering the establishment of the agency on a non-statutory interim basis with a view to undertaking the initial scoping work required. This will include work on the assessment of the human resource requirements and potential recruitment process. I will bring proposals to Government in that regard.
On the question of the Central Bank commission and proposals to reform the regulatory system, I outlined details of this in my Budget Statement and would be happy to facilitate whatever discussion Deputies can agree at the Joint Oireachtas Committee on Finance and the Public Service in that regard. It is important we try to secure all-party agreement on the nature of the regulatory reforms.
Sir Andrew Large has been retained to advise on the recruitment process for a new regulator who will be in place before the reform process takes place. It is important that discussion takes place at the Joint Oireachtas Committee on Finance and the Public Service.
