Catherine Byrne (Dublin South Central, Fine Gael)

It is necessary to take steps to safeguard our economy at this difficult time. However, I have concerns in regard to the true purpose of this legislation and its impact on taxpayers. I only hope the Government has the public's best interests at heart and is not merely concerned with providing a safety net for the banks. We must ensure accountability and transparency once the Bill comes into effect.

With this in mind, I support amendment No. 12, in the name of Deputies Burton and Bruton, which proposes the establishment of an oversight board that would report to the Committee of Public Accounts. Under the chairmanship of the late Jim Mitchell, that committee worked tirelessly to show it was possible to hold the Government to account for its financial decisions. The public had faith in that process and it is important that we continue in that way.

Everybody's money is at stake in the current situation. As elected representatives, we must do our best for the ordinary people who have worked hard for many years to support their families. We can all talk doom and gloom and even Armageddon but our focus should be on protecting citizens from falling victim to the credit crunch. I hope the Bill is passed and that it will provide a safety net for taxpayers.

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