Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I move amendment No. 6:

In page 11, line 5, to delete “, with the approval of the Minister,”.

The amendment is being made after my consultation with the ECB on the DGS part of this legislation. They have indicated that as the purpose of this provision is to reimburse the Central Bank for short-term loans it has provided to the DGS, this repayment from the Exchequer has to be automatic in order to comply with the prohibition on monetary financing as outlined in Article 123 of the Lisbon treaty. Consequently they have suggested that the words “with the approval of the Minister” be deleted, which I am proposing to do with this amendment. The members know how the ECB is chary about monetary financing and if something was done with "ministerial discretion" it would suggest that a Minister could influence monetary financing. If the term is deleted, as proposed in this amendment, it becomes automatic and therefore there is no suggestion of monetary financing.