Richard Bruton (Dublin North Central, Fine Gael)

——is they were far more radical than some small change in regard to Ordnance Survey Ireland. If memory serves me, issues arose in regard to the appeal fees, for instance, and other core issues going to the heart of the adequacy of freedom of information legislation and a desire by many to see some of the recent additions modified. The aim was that, in effect, we should return to the original intention of the Freedom of Information Act when it was introduced. I am sure the Minister will have the report to show me where we signed up to whatever prompted this amendment.

I do not have any problem with the change to the Investor Compensation Act, which is for the better. However, again I return to the issue I raised with the Minister recently, namely, the deafening silence from him on the deposit protection scheme. In the UK, initially 100% deposit protection was provided to depositors in Northern Rock and for depositors in all other institutions up to the date when the protection scheme was announced. The level was set at £35,000, which is more than double our level, and there is talk of raising the amount to £100,000, which would be €150,000. Our rate would be only one seventh of that. At a time of financial crisis when people are worried about the protection of their savings, the incentive to deposit with a UK regulated institution that has this level of protection which is not available in Irish institutions will be quite tempting. If the hiatus continues for too long, as there is far greater protection for savers in Britain than in Ireland, one would expect to see some movement of savings, which could not be a good thing or be greeted with equanimity. As I stated yesterday during Question Time, there is a need for the Minister to move ahead of what other European colleagues might think appropriate and perhaps to enter discussions with the British authorities, who are not part of the eurozone but whose protection schemes would have significant influence on depositors given that Irish depositors may deposit savings in many British institutions established here.

I do not understand the Minister's reticence to move forward outside a collectively agreed EU process. I understand the argument that the Chancellor of the Exchequer of the time perhaps over-reacted and offered protection at the taxpayers' expense that was greater than might have been prudent, although he seems to be rowing back from that position. It is important that Ireland in some way keeps an eye on this issue to ensure we establish a proper deposit protection scheme.

Given the Minister is taking the opportunity to tidy up issues, I am surprised no new thinking is coming forward with regard to credit unions, the deposit protection scheme of which remains subject to question. I realise this is a political issue. Credit unions have been run in a certain way and people want to preserve their ethos. On Committee Stage I will be interested to hear of the Minister's progress in achieving some agreed structure which could offer transparency on savings protection. Issues arise with regard to transparency which we need to sort out, given the current climate.

I do not understand what is happening with regard to the National Pensions Reserve Fund. On the face of it, the Minister seems to be moving from a GDP to a GNP base. However, as he also states that this will make no difference to the contribution, this cannot be the explanation because GDP is substantially higher than GNP. The Minister might circulate a note to explain what is the change as it is not clear from the explanatory note offered, and there is nothing but the Minister's assurance that there will be no change.

I was interested in the value for money review referred to by the Minister. While the joint committee is not yet in place and I have not examined this review, I know it is the Minister's intention that value for money reviews will be laid before the committees. May we have access to this value for money review so we can at least understand the context within which this recommendation is being made? The value for money review tool is an important one but it has been underutilised by the Government. When there is a report of this nature, I will be keen to have access to it, particularly if we are making decisions on the back of it that will apply for some time.

I welcome the Minister's amendments.

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