Frank Fahey (Galway West, Fianna Fail)

I welcome this carefully constructed legislation which will have a significant impact in supporting and assisting the banking sector. A properly functioning banking system is vital for the economy. I welcome the approach we saw from Fine Gael and Labour this morning. This represents a far more responsible approach to the crisis in which we find ourselves. Therefore, it is disappointing to hear Deputy Bannon say that Fine Gael will oppose the Bill. I simply cannot understand this.

This legislation enables the National Pensions Reserve Fund to invest in Bank of Ireland and Allied Irish Banks under a commercial investment mandate. It is a good deal for the Exchequer. Contrary to Deputy Bannon's contention, we are not ploughing money into the banks. The National Pensions Reserve Fund is making a commercial investment in the two banks.

See this speech in context