Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

My position is that in the opening address this morning I am pointing out the kind of issues that would arise if I was sponsoring this legislation myself. I am not stating categorically that the difficulties I am pointing out cannot be overcome but what I am saying is that they have to be addressed by the committee. I am not saying either that the difficulties are insurmountable. It might be able to be done with a different draft. Clearly, when I say that under natural law there should be an appeals system, what could be done is to bolt an appeals system onto the Bill. All I am saying is that if this was Department of Finance legislation, at this point the assessment would be identifying issues and asking if we have to drop a section or can we amend it, can we change it, can we get the same effect by approaching it in a different way? That is all I am doing. I am signalling to the committee that there are areas that need to be examined, and then I am saying I am prepared to work with it to find solutions. If my advice is that the issue does not present an insurmountable difficulty, there is a way around it by changing the legal approach by way of amendment on Committee Stage, we will work on it. However, the underpinning issue all the time is the attitude of the Central Bank and the opinion of the Central Bank on the effect this might have on the wider market. I cannot call that for the Deputy, but I can signal to him that there are concerns.