Eamon Gilmore (Dún Laoghaire, Labour)

We are dealing with probably the most serious matter that will arise during the lifetime of this Dáil, an issue relating to the security of the country's financial institutions, the banking system and the implications this has for people's jobs and businesses. Quite rightly, people are looking to what is happening here and the outcome of our discussion.

Last night, the Government made a decision, which we discussed earlier in the day, to offer a State guarantee to six banks. It told us legislation would be required to underpin this. The Labour Party and Fine Gael agreed to co-operate with the Government in having this legislation debated in the House and that we would sit for whatever length of time was necessary to deal with it. The one condition we have and which I repeat is that we want to deal with the legislation thoroughly. We do not want to agree legislation blindfolded. We will not agree to a pig in a poke. We want to deal with it and go through it section by section to ensure the public interest and the interests of taxpayers are fully protected.

Throughout this day we have found ourselves in a situation where the Government has not been able to present the legislation. We were told we would have this Bill at 4 p.m. We did not have it. We were told we would have it at 5.45 p.m. It did not appear. We were told we would have it at 6.30 p.m. and we adjourned in anticipation of that. We eventually got what is called a "draft" Bill and we are told this is not the final version. It is not the published Bill and it is not at a point where the Dáil can commence debate on it.

It is the responsibility of the Government, the Taoiseach and the Minister for Finance to present to the Dáil the version of the Bill on which we can debate the issues. The Labour Party is prepared to sit through the night if necessary to deal with this, but should we not be doing this sensibly? If it is the case that the Government does not have the legislation ready, then why are we going through this high drama of adjournment after adjournment? If the Government needs to take the time overnight to refine and finalise the Bill, so be it. We will return in the morning and debate it then.

I understand the Whips have already agreed a formula whereby Committee Stage will not be guillotined. There is no timeframe on this. There is co-operation in the House to deal with the processing of the Bill. There may not be agreement on all the content of it and some of what I have seen does not entirely tally with what the Taoiseach told us earlier today, but this is for the debate itself.

As far as dealing with the legislation is concerned, the Labour Party would be much happier if we dealt with this sensibly. If the Bill is not ready for presentation in the Dáil then let us stop the codology of all of these repeated adjournments of the House. Let us come back in the morning if needs be, have the Bill ready and we will go at it afresh.

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