Mary Harney (Dublin Mid West, Progressive Democrats)

Parliamentary questions for written reply will be taken next week. Information in that regard is provided on the Supplementary Order Paper.

Intensive work is under way on the regulations to give effect to the Government's guarantee. The Government discussed the matter yesterday and it is clear that the regulations must meet with the approval of the European Central Bank and the European Commission. It would be pointless to discuss regulations that did not have the approval of both institutions. That is the current position.

The Minister for Finance met Opposition spokespersons last night. We had hoped to arrange for the Dáil to meet tomorrow to discuss the regulations, but I do not believe it will be possible to do so. It is the intention of the Government, particularly the Minister for Finance, to bring the regulations before the House as quickly as possible. The Minister has taken on board many of the suggestions made by members of the Opposition last week. As everyone is aware, we are in uncharted waters. The purpose of the intervention was to secure the stability of the Irish banking and financial system for the benefit of all the country's citizens. Given the complexity of what is involved, a significant effort has been made by those whose responsibility it is, namely, the Central Bank, the Department of Finance and the Attorney General, to draft these regulations for submission to the ECB and the Commission. I understand they were submitted yesterday after the Government had considered the matter. The Minister for Finance will stay in touch with Opposition spokespersons and the Dáil will discuss them at the earliest possible opportunity. We are all anxious to do that.

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