Richard Bruton (Dublin North Central, Fine Gael)

This is an enormous change and this debate has been worthwhile. I welcome the concessions given by the Minister in respect of bringing the scheme before the House for positive approval. I welcome his indication that he will seek to put someone on the board and that there will be proper supervision of risk assessment. Misgivings remain and there are amendments I would have liked to have seen made. It appears that details I hoped would be in the scheme when it is presented next week will not be included and we must take it on trust that the Minister, along with his advisers and the Financial Regulator, will develop the appropriate controls and apply them effectively.

Fine Gael will support this legislation. It is vital to the stability of the banking system. We hope the moves taken by the Minister will have the desired effect. Concerns remain and these must be carefully managed. This is not finished business, but we give our support to this and wish the Minister well in the operation of the legislation.

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