Richard Bruton (Dublin North Central, Fine Gael)

I have finished my broad remarks. We accept the need to introduce this measure but we also want to see that there is very robust protection. We want to see that this new access to money is managed in such a way that the taxpayer is protected to the maximum amount, which is a vital element on which we must get reassurance. It will not be enough for the Minister to state he is taking potential powers that he can use. The Oireachtas will want to see the colour of the powers he intends to apply and the sort of conditions that will be in place.

If our suggestions of putting people on the regulatory board are not the best ones, let us see what is better, but at least that is a solid suggestion as to an approach. We believe financial institutions which are in this situation and which need to rebuild capital should not be seen issuing dividends and bonuses to employees, which would be quite contrary to what we are doing here. The taxpayer, who is ultimately underwriting this, would expect that we will apply those sort of rules. That is a very important point. Deputy Kenny asked an important question earlier that was not answered. Has the Minister received advice that the legislation will be robust to scrutiny under EU directives? The House will want to know that has been thought through and that we are on a good, firm footing.

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