Kieran O'Donnell (Limerick East, Fine Gael)

If the public are to trust that this Bill will work, it is incumbent on the Minister to take into account the amendments being tabled by the Opposition. If those amendments have validity, the Government must take them on board. We agree with the main proposals but the devil is in the detail. If this Bill and this scheme are to work, those three elements of transparency, accountability and protection for the taxpayer, must be in place.

Fine Gael has proposed three amendments, Nos. 21 to 23, inclusive, to section 6(5). These propose that the scheme would be debated by both Houses of the Oireachtas within three days of it being available. I have asked the Minister to inform us when the scheme will be brought before the House. The Government is proposing to lay the scheme before the House but not to debate it. We agree with the thrust of Deputy Joan Burton's amendment. We accept the financial markets need confidence but this amendment must be accepted.

The Government must obtain EU approval for the scheme. The Minister must consider allowing the guarantee to apply to all UK and other foreign banks operating branches in the State. There has already been a flow of funds from these banks. If he does not extend this, it may jeopardise EU approval for the guarantee.

Protection must be provided for the taxpayer. Last night the Taoiseach gave a commitment in the House to levy the bank sector for any loss incurred by an individual bank. Will the Minister give his view on this commitment? Will he include it in section 6(4)? Fine Gael will decide later if an amendment is required for that section.

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