Pat Rabbitte (Dublin South West, Labour)

I shall be very brief. One suspects that when this hurricane blows itself out the architecture of banking in Ireland and elsewhere will be very different from what we have known in the past.

I want clarity from the Minister on this section, to which there are no amendments. It provides for the exceptional situation where the Minister considers it necessary to intervene and where, in such circumstances, normal competition law does not apply. In circumstances where mergers are contemplated, presumably the Minister will confirm that normal competition law applies and that this provision relates only to circumstances where the Minister feels it necessary to intervene for the stability of the financial system, or whatever. What about the situation that arises when the hurricane blows itself out? A major bank in the neighbouring jurisdiction, say, decides to purchase one of our smaller banks and to headquarter itself in the Republic of Ireland — although its business outside this jurisdiction would be many times larger than what it does here. Will such a bank have the benefit of the indemnity we are providing here? Will it have the benefit for borrowings and liabilities in another jurisdiction where those moneys might be put to work? It is important to know the Minister's thinking in that regard.

I hope he is not going to leave because Members of the Seanad, who are on double time, will be very upset if he does not pay them a call later tonight.

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