Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I move amendment No. 4:

In page 4, line 7, to delete “Minister” and substitute “Oireachtas”.

The amendment also deals with the issue of whether ministerial or Oireachtas approval should be required. Section 3, as presented, provides that, on the approval of the Minister, payments up to a sum of €1.815 billion may be made from the Central Fund, as required. The amendment proposes that the Oireachtas must approve such payments. A payment from the Central Fund will be triggered when a bank or financial institution experiences difficulty. If something of this nature were to occur, the Oireachtas would be in session and debate the relevant issues. There is no reason, therefore, that it should not be asked to consent to making available a portion of the fund for the required purpose. The decision should be at the discretion of the Oireachtas rather than the Minister. This issue also raises the fundamental question as to who should have oversight and the final decision in these matters. I do not see any reason a provision requiring Oireachtas approval should be a problem, given the seriousness of the issue and the quantum of money involved.

Amendment No. 5 proposes to insert, between lines 11 and 12 on page 4, the following line: "(2) Notwithstanding the provision of section 2, any decision under the terms of the Loan Facility Agreement to vary the sum specified in section 3(1) shall be subject to a vote of the Oireachtas". This flows from our discussion on section 2 and the clause in the agreement that provides that the Key, as it is described, will be reviewed at the end of next year. This could result in an increase in the Key, thus requiring a greater contribution from Ireland. While the Minister of State has indicated that section 3 trumps section 2, we have countless examples of legal opinion not being the best opinion or standing the test of time. In some ways, I am the product of wrong legal information being given to a previous Government on whether a by-election was required in County Donegal because I took the Government of the day to the High Court on the issue and won my case. The purpose of the amendment is to provide an additional safeguard to ensure any additional sum of money beyond the figure provided will require a vote in the Houses of the Oireachtas.