Michael D Higgins (Galway West, Labour)

In deference to other Members who wish to speak, I will be very brief. The Minister's description of his intentions to create a new culture in banking will be tested entirely by his attitude to amendment No. 19a, which simply asks the Government to address its concern to those who have been the victims of irresponsible lending and promotion of lending by banks.

Section 6(4) contains some extraordinary language, "all financial support provided shall so far as possible ultimately be recouped from the credit institution or subsidiary to which the support was provided". The taxpayer is entitled to some minimal protection. The use of the word "ultimately" seems to contradict some fundamental in the section. It should be clear that the Minister's powers to make regulations as they are in section 5(1) are entirely limited to the two-year period. Section 6(3) states that any financial support shall not be provided for any period beyond 29 September 2010. What about outstanding liabilities after 29 September 2010? If there were an ordinary debt, one might think that the statute of limitations might provide for that and there would be six years to recover what had been advanced. If it were given under his own seal, it would be 12 years. What is the meaning of "ultimately"? What is really said is that having advanced any assistance, supported by the taxpayer, going beyond a guarantee, it might or might not ever be recovered. The Minister is precise in the limit of his own powers in section 5 but entirely vague in using "ultimately" and "so far as possible" regarding the recovery of assets advanced in the name of the taxpayer.

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