Michael Kennedy (Dublin North, Fianna Fail)

I will endeavour to speak to Deputy Burton's amendment, much as I might like to give a state of the nation speech, as many other speakers have done.

While I recognise the reason Deputy Burton put forward the amendment, and it is well intentioned in its own right, I am concerned about any delay in bringing this Bill into being. We saw the reaction of the market yesterday morning when the Minister, Deputy Brian Lenihan, and the Government announced they were providing these guarantees for the six banks. It stabilised the market and staved off problems a number of our banks were experiencing on Monday. I have no doubt that without it we would have had people queuing up outside different banks to take out their money and put it under the mattress. That measure was necessary. It is vital we pass this legislation without delay and that we can come back at a later stage with recommendations in terms of putting terms and conditions etc. before the House. I am confident the Minister, Deputy Brian Lenihan, and the Government will operate the scheme in a professional and business-like fashion. The Bill clearly states that commercial rates will apply.

I do not believe a "one size fits all" approach is possible, as each of the six institutions is different. They are different sizes and engage in different forms of business. I do not think it is possible to reach agreement on a set of regulations that would apply to each of them. I accept it would be desirable for the regulations to be laid before the Oireachtas at the earliest possible opportunity. I have suggested to the Minister for Finance that we should consider the position of other banks like National Irish Bank and Ulster Bank after this legislation has been passed. I hope we can do something to protect the business such banks have in this country. I do not expect the Government to underwrite British business, just as I do not expect the UK Government to underwrite the potential losses of Irish banks. This Bill needs to be passed as a matter of urgency.

Deputy Burton is proposing that the regulations be introduced first. If we took such an approach, the market would immediately seize on it. The problem we tried to resolve yesterday would come back to haunt us tomorrow. If this Bill is not passed tonight, the vultures in the marketplace will cause further problems. While I accept that Deputy Burton's amendment is well intentioned, I urge her to leave it off the table for the moment. We can come back to it at a later stage, if necessary. If regulations have to be brought in, this Bill will be delayed by two days, a week or a month. That would cause major problems. We do not want this House to act like the US Congress did on Monday, when it failed to agree a bail-out package. We are familiar with the problems which have ensued there since then. I hope the US Congress passes the legislation in question, because its failure to do so on Monday is causing problems here. Similarly, this House has to deal with the legislation before it if this country's immediate problem is to be solved. We should pass the Bill quickly and analyse the various aspects of it at a later stage, when we have the facility to do so.

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