Tom Parlon (Laois-Offaly, Progressive Democrats)

The amendments concern the provisions of sections 59 to 61, inclusive. Section 59 inserts a new section 107 in the principal Act and provides that the Minister may, by order notified in Iris Oifigiúil, appoint a date for the purposes of Schedule 3. Schedule 3 is inserted in the Act by section 60. It deletes some obsolete terms such as references in the Act to "tier 1" and "tier 2" assets and definitions of the European Central Bank and National Central Bank.

The amendment seeks to delete the requirements for the order to be notified in Iris Oifigiúil and instead provide in amendment No. 6 to section 61 that the order under section 59, new section 107 of the Act, and any order made under section 61(3) bringing this Bill into operation, must be laid before both Houses of the Oireachtas. The laying of orders before both Houses is catered for in section 93(1) of the principal Act which provides that every order made by the Minister under the Act is laid before each House of the Oireachtas as soon as practicable after it is made. For this reason, I cannot accept the amendments.

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