Dáil debates

Wednesday, 1 October 2008

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

 

1:00 pm

Photo of Andrew DoyleAndrew Doyle (Wicklow, Fine Gael)

This section is the nub of the Bill. I voice my support for amendments Nos. 12 and 26. Some sort of oversight is the least that could be asked for. I do not accept it would create a new quango or layer of bureaucracy — we use consultants all the time.

Amendment No. 26 will, as Deputy Barrett said, hopefully never be used but, in the event that it is used, any public money which is spent must be scrutinised. The Minister has said he is willing to consider including outside institutions with banking operations in this country. In the event of an Irish institution with subsidiaries abroad getting into financial trouble or collapsing, putting a burden on the bank here — and there is a precedent in this case — would the protection mechanism proposed by the Bill overlap? Will it be necessary to use the provision in that case?

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