Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Where a financial institution has gone bust to some degree or another, all of the steps set out as part of the resolution waterfall must be taken. It is not, therefore, the case that institution X would be in serious trouble and that we would need to trigger this mechanism within a couple of days.

A number of steps have to be taken and the process relating to them will take quite some time. At that point, the Oireachtas will be debating these matters. If one of our banks goes bust, we will be back here discussing this issue. It will be the dominant issue of the day.

The section does not make it automatically certain that the Minister will make the funds available because it refers to "the approval of the Minister". The section allows for the Minister not to approve, however unlikely that may be. The only issue in this context relates to whether the Minister can make a decision more quickly than the Houses of the Oireachtas. Of course he can because he does not have to consult individuals. Dictators can make decisions more quickly than democracies, although I am not suggesting that the Minister is a dictator. When a decision is left to one individual, of course he or she can make it more quickly. Let us remember that if the Houses approve this measure, they are approving of the concept that the mechanism would be triggered at a point in time. However, it is always important to vest the power in the Houses where possible, particularly given the quanta of money involved. This could be a single decision on a certain day that would provide €1.815 billion from the Central Fund to this mechanism, having due regard to what has happened elsewhere. Decisions like that are best made by the Houses or the Houses' approval is best sought in respect of them. We have learned lessons from the promissory notes, in which respect power was granted through various items of legislation and the Minister ended up making similar commitments without Oireachtas approval. We know where that got us.

I do not agree with the idea that we cannot make a decision within four days. I do not know from where that timeframe is coming. Is it set down somewhere that a Minister must make a decision within four days? I do not know why the Houses cannot debate and pass a resolution in the same period. How long would it take? It would not require legislation. I presume that it would just be a motion.