Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

On reading it, I agree with Deputy Pearse Doherty that there seems to be a certain contradiction in that it is not clear from the legislation whether section 2 which refers to "all the powers necessary" and which is very expansive, or section 3 which refers to a maximum amount takes precedence. Even since we had the debate on Second Stage, things have moved on in terms of the potential for another European banking crisis, the situation in Italy and Matteo Renzi's comments on Deutsche Bank which has $75 trillion in derivatives and his arguing that other European banks have much bigger problems than their Italian counterparts. Obviously, we disagree with this legislation to start with, but the prospect of a further increase in the sum is quite a problem. Do the Minister of State and his experts not feel there is a need to amend this section, or to make section 3 stricter, to make it clear that the specified sum takes precedence over "all the powers necessary"? I am not sure if other members have a different reading of clause 24.2, but I think Deputy Pearse Doherty is right in the reading it the was he has. I do not see how it can be disputed. If we sign up to an agreement with a specific clause which refers to a review - clearly, it is not specified that one cannot move upwards in the review - I do not see how we do not potentially have a problem. How are the Minister of State's officials in the Department so sure there is not a potential problem?