Pádraic McCormack (Galway West, Fine Gael)

I refer to the Minister's contribution this morning in which he stated that this is a draft scheme. We are now discussing that draft, but it is serving little purpose because we are in a take-it-or-leave-it situation. Why was there no opportunity for amendments to be dealt with? Even if we speak until 10 p.m. we cannot change anything in the regulations.

I am concerned with the weakness in some of the Minister's statements. It is provided that the Minister "may impose a specific obligation". On page 16 he states, "I expect the institutions to ensure the cost guarantees are not passed onto their customers." Could we get a little more assurance than that the Minister expects this to happen? He continues in this vein, saying, "I expect each covered institution to undertake a fundamental review of its corporate governance and take appropriate steps." We will be waiting a long time for the institutions to take those sorts of actions. I have no confidence in the Minister's expectations of the institutions to carry out those functions. Could the Minister be a little stronger than expecting the institutions do this, and instead make them do it?

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