Sean Barrett (Independent) | Oireachtas source

I move amendment No. 4:

In page 8, line 9, after “credit” to insert “other than in personal loans, financial intermediation and for investment in property”.

I welcome the Minister back to the House. The Minister's formulation of words refers to "the provision of, additional credit in a prudent manner". My amendment was sent in before I heard the Minister's remarks the other day. That was the timetable we had and we were glad to comply with it. The purpose of my amendment was to ensure this bank would not be involved in personal loans, financial intermediation and investment in property. As I recall it, on Second Stage the Minister said this is precisely the approach being taken by these banks and that the rules of Kreditanstalt für Wiederaufbau and the European Investment Bank preclude the type of investments that this amendment is intended to preclude. Therefore, I understand from what the Minister said the other day that there is no possibility the corporation could be enticed into these areas which did so much damage to the Irish economy.
The last thing the Irish economy needs is a banking system obsessed by property, financial intermediation and personal loans. The Minister is trying to do something different. I gather that under the rules he is implementing from KfW and the EIB, this outcome is already addressed. Should the Minister confirm that this impression of mine is correct I will not be pressing the amendment. I was certainly relieved when the Minister told us the other day that the purpose of this corporation was precisely to avoid what caused so many problems and the destruction and daftness of Irish banks in the first seven or eight years of the last decade.