Wednesday, 1 October 2008
Credit Institutions (Financial Support) Bill 2008: Committee Stage.
Tommy Broughan (Dublin North East, Labour)
We are discussing section 6(4). The Labour Party amendment in the name of Deputy Burton clearly indicates what is wrong with that section, that is, the references, for example, to "such commercial or other terms and conditions", and that, "Without prejudice to the Minister's discretion ... all financial support provided shall so far as possible ultimately be recouped". That section, and the fundamental amendment which my colleague seeks to extend to it, shows the problem with the heart of this Bill.
I would hope that Fine Gael colleagues who spoke so vehemently about the misbehaviour of bankers over recent years would now have the courage to vote against this Bill. It is a bad Bill. It was thought out, if you like, on the back of a beer mat and following people reading what trendy commentators perhaps feel is the only way forward in the current circumstances. It is based on a vacuum of knowledge in terms of what action could be taken at this particular time.
For example, I asked the Minister's predecessor and the Financial Regulator repeatedly over recent years to see what could be done about the horrendous scandal of endowment mortgages where in the region of 90,000 young families——