Dáil debates

Friday, 17 October 2008

Approval of Credit Institutions (Financial Support) Scheme 2008: Motion

 

2:00 pm

Photo of Michael CreedMichael Creed (Cork North West, Fine Gael)

What we have here are the rules of engagement and the entrance strategy. I ask the Minister to look forward and elaborate on the exit strategy from this arrangement for the State and the taxpayer. There is a sunset clause concerning 2010 but I envisage unintended consequences here because of the public interest that will be served by the appointment of observers to bank boards and the non-payment of dividends, which I presume is what the Minister intends. Does the Minister envisage that the latter provision will make it more difficult for banks to recapitalise from the market themselves? In that context, does he foresee difficulties for the State and the taxpayer in extricating themselves from the current arrangements in 2010?

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