Arthur Morgan (Louth, Sinn Fein)

I move amendment No. 1:

In page 6, line 24, after "Minister" to insert "on behalf of the Oireachtas".

This amendment concerns the issue of accountability. I am trying to ensure the Oireachtas has a substantial say in the operation and in any major decisions, particularly at a policy level, of this new bank we will shortly own. The history of banking in recent times demonstrates clearly that there is a need for such oversight of, and diligence in regard to, what is going on.

This morning in the Mansion House we heard many fine speeches, almost all of which referred to accountability, transparency and the open nature of the first meeting of the first Dáil on 21 January 1919. This is an excellent opportunity to deliver on those fine words and to bring that level of accountability and scrutiny to the Oireachtas. I hope the Minister will see fit to do so.

There are examples of institutions established by the Oireachtas but which are not accountable to it. The Health Service Executive is a perfect example. It does not have a shred of accountability to this House, the Minister for Health and Children or anybody else. That is completely unacceptable.

We want to ensure there is a strong corporate policy in place to ensure a finance stream to small and medium-sized indigenous enterprises and that the credit crunch these businesses are currently experiencing is ended. I also mention those whose homes may be under threat, although not in the case of this institution. The bank must follow the policy course we all want it to which is to deal with issues such as mortgages and the funding of small businesses.

To facilitate debate, I will conclude by saying that my amendment represents an opportunity for the Oireachtas to have a scrutiny role in the policy-making decisions of this bank, which is only appropriate.

See this speech in context