Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Department will not be co-operating or supporting the progression of the Bill in any way unless the Government changes its mind. We might as well get down to brass tacks because I have been through this process and know how it works.

The Department has made predictions as to the consequences of the Bill. It is being quite definitive that it will mean higher interest rates, mortgage interest rates, reduced availability of mortgage lending and restricting the banks' capacity to access the euro system. We can focus on the last of those for a moment. Can Mr. Tobin take us through how this Bill, if enacted, would impair the ability of the banks to access liquidity on the euro system if it was so required? I will park that question if it is not for him to answer. I have separate questions to ask the witnesses from the Cental Bank and I could stitch that question into those.