Dáil debates

Wednesday, 1 October 2008

Credit Institutions (Financial Support) Bill 2008: Committee Stage.

 

1:00 pm

Photo of Brendan HowlinBrendan Howlin (Wexford, Labour)

My point is relevant to the amendment to the extent that these are the issues that must be set out in advance to the satisfaction of the Members of the House. There may be some who happily buy pigs in pokes but the rest of us want to know the detail of this most profound decision. By and large, we want to make the decision but want to do so in a way we will not regret shortly. Deputy Jim O'Keeffe said we have to take the Government on trust on many of these matters. To some extent we do, because we must give sufficient flexibility to the Minister to act in the national interest. However, we must circumscribe that in so far as we can to the cause of public accountability and prudence.

As a man who I have never quoted before, former President Ronald Reagan, once said: "Trust, but verify." We need to include this House — the people's voice — in ensuring the decisions that are made are thought through, real and do not expose us to unnecessary risk. For all those reasons, this amendment is a necessary one. It is not a great burden on either the efficient working of this scheme or on the Minister. This House needs to change the way it does its business to be relevant in these matters. I hope the Minister will give careful thought to accepting the amendment and shaping the workings of this House to ensure the people's business is done effectively, with proper regulation and proper oversight, so we do not end up in this mess again.

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