Arthur Morgan (Louth, Sinn Fein)

I thank the Minister and his officials for their courteous and helpful briefing on this legislation. The Minister did not respond to my question on the ceiling. Section 3(c) states:

by inserting after subsection (1)(c)—

"(ca) to accept funds or assets for the benefit of the Fund from sources other than the Central Fund, if so directed by the Minister,",

I appreciate that his officials must examine it for a moment. It appears that the potential for the Minister's direction of the institutions' funding will be endless. I do not know whether he would clear the entire financial cupboard into the banks were they in such difficulty, but the prospect could arise. Given the level of funding, the Minister can see why we would like an input in deciding on what amount beyond €7 billion would be invested in the banks.

I will keep talking to allow the Minister time to get his brief. Section 3(c) raises the prospect of a significant addition, as we are also discussing assets. Perhaps the Minister will elaborate.

See this speech in context