Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I have an issue with this amendment. I know we are talking about scenarios where there is enough money in the fund, but imagine a scenario where a bank gets into trouble and the Central Bank needs to provide that fund to them and there is not enough in the fund to cover it. The amendment means that regardless of the state of the Exchequer it has to pay that money within two weeks. I know the money will be reimbursed when the fund increases in value but we do not know how long that could take or whether that would be within one year or not. There are numerous other rules that can impact the relation of the Exchequer and the Central Fund. For example, how would it all play out if we had to make a contribution of a couple of billion euro to the Central Bank and the State had to wait two years for that money to be repaid? Regardless of the health of the Exchequer finances it is a blank IOU to the banks. The State will get the money back at some time in the future as the fund increases but I would be concerned about this. I understand the issues around monetary finance but I am concerned that while we talk of breaking the link this is clearly showing where the link exists between banking and the State's finances.