Kieran O'Donnell (Limerick East, Fine Gael)

One of the main debates today is the need to find €5 billion in savings through increased taxes and expenditure cuts. However, €7 billion of taxpayers' money is being put into the two main banks under this legislation. When AIB published its annual accounts, reference was made to the €3.5 billion being provided by the Exchequer through the NPRF in the context of its core tier 1 capital ratio. The bank has not received the money but this signal gave stability to the market. The Minister is seeking approval to amend the rules governing the NPRF in order that it can take direction on investments from the Minister of the day. We cannot agree to a scenario where he or she can provide whatever amount is required by the banks without reference to the Houses of the Oireachtas.

The Minister will not be prevented from doing his job. If the banks require money, he has signalled his intention to bring legislation relating to this before the Oireachtas to seek approval to provide additional funds from the NPRF to the two main banks. It is extremely important that such a provision is brought before the Houses. Will the Minister clarify this?

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