Michael Mulcahy (Dublin South Central, Fianna Fail)

I wish to comment on some of the proposed amendments. The key concept in section 6 is flexibility on the part of the Minister for Finance. We are dealing here with six financial institutions, and potentially more than 30, which will have various obligations and share structures. It is fallacious to think that we can devise a "one size fits all" approach to assisting these institutions. It is essential that the legislation should give the Minister the flexibility to deal with every institution and every situation in its individuality. Yes, he must report to the Dáil and be subject to Dáil approval, but he should not be hidebound.

Some of the comments by Deputies Burton and Bruton were not necessary. Many of the points they made are already covered in the subsections. For example, section 6(6) provides that the conditions under which the Minister provides financial support may include conditions regulating the commercial conduct of the credit institution or subsidiary to which the support is provided, and in particular may include conditions to regulate the competitive behaviour of that credit institution or subsidiary. Subsection (7) goes on to provide that the credit institution must fulfil the requirements imposed by the Central Bank or other authority, including those in relation to the conduct of its business. Those phrases are wide enough to encapsulate many of the points made by the two Deputies in the past few minutes. Some of their amendments are completely unnecessary. Subsections (6) and (7) of section 6 provide enough flexibility for the Minister to incorporate exactly what has been sought.

Another example is subsection (9) which provides that the Minister may subscribe for, take an allotment of or purchase shares and any other securities in a credit institution or subsidiary to which financial support is provided under this section on such terms as the Minister sees fit. That appears to cover absolutely the proposal made by Deputy Burton with regard to the State taking a shareholding in a credit institution. I do not believe her amendment is necessary.

Amendment No. 12 in the names of Deputies Joan Burton and Richard Bruton calls for three experts to report every six months to the Committee of Public Accounts. We have the Central Bank and a financial regulator. Why are they not capable of reporting to the Dáil or to any oversight committee set up by the Dáil?

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