Dáil debates

Wednesday, 1 October 2008

Credit Institutions (Financial Support) Bill 2008: Committee Stage (Resumed) and Remaining Stages

 

12:00 pm

Photo of Michael NoonanMichael Noonan (Limerick East, Fine Gael)

I have much sympathy for the Minister as it is difficult to bring in emergency legislation. There is always the doubt, despite the excellent advice from officials, bankers and regulators, that in the middle of the night when one is tired, one will forget something. It is very important section 5 is included in the Bill because, effectively, it means that if one forgets something and something is required to implement this, it is better to have the power to do it, otherwise we will all be back here for another week. I have much sympathy for the Minister and I support the section.

The Minister gave a commitment to Deputy Bruton earlier that he would introduce an amendment in the Seanad. The formula for affirmative regulation is readily available. His officials could produce that in 30 seconds. He should amend the Bill in this House, otherwise it will have to come back here from the Seanad.

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