Brian O'Shea (Waterford, Labour)

I am somewhat disappointed with the Minister's reply. He made the point that if there was a serious disturbance in the economy, the Minister would have to act urgently. Such a serious disturbance would require funds beyond the €7 billion provided for in this Bill. The Minister would be able to flag his position publicly but when significant State funds are being directed to banks, it is only proper in a democratic society that the Members of both Houses would have the opportunity to debate and make a decision on what he proposed. The Minister made an argument based on serious disturbance and urgent action. Action on the legislation was not urgent in the sense that the money was not transferred immediately. The intention to do so was flagged and this brought stability. I have a serious concern about the dilution of the function of the Oireachtas and its democratically elected Members in not having a say on major decisions, which have enormous implications for the State.

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