Kieran O'Donnell (Limerick East, Fine Gael)

If the Minister has that power, he will be removing the commission's discretion. Regardless of whether he is investing funds from the Exchequer or elsewhere, he is using taxpayers' money. Obviously, he cannot interfere with the NPRF.

This issue comprises two elements. The commission has its own role and can invest in assets on which it believes it will get a maximum return. A different situation is arising wherein the Minister will direct the NPRF to invest in banks using €4 billion of its current cash and another €3 billion in front loading. In future, the Minister might give it a direction to invest further funds or he might invest Exchequer or other funds in the NPRF. This is an important matter, given the level of funding to be invested in the banks. According to Citigroup, the two banks will require an additional €3 billion. Other groups believe the figure will be higher. The situation will arise. The Minister refers to an emergency.

The key issue is the use of taxpayers' money. This is a question of €7 billion, not €100,000. Given the €5 billion today, the amount is put in context. The amendment is designed to ensure that the banks meet their minimum core tier 1 requirements. How much funding will flow to customers and small businesses? The Minister has pointed out that this is key.

The amendment is reasonable. The Minister would still be able to carry out his functions in terms of recapitalising the banks if necessary. Given the level of funding and the dire condition of the public finances, the public would expect a debate. Every euro counts, but we are discussing €7 billion.

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