Kieran O'Donnell (Limerick East, Fine Gael)

The relevant part of this section states: "...to accept funds or assets for the benefit of the Fund from sources other than the Central Fund, if so directed by the Minister,". This gets back to taxpayers' property funding, and the Government would show respect for the House in making decisions. This is another form of directed investment by the Government with regard to the banks and it would be absolutely critical that they would come back to the House to get prior approval. This could involve selling off State assets but we do not particularly know what it involves. It is in line with our previous amendment in that if an amount more than €7 billion is required, approval from the House would be required.

The worry with this legislation is that we are not only giving the Government, in amending legislation, €7 billion of taxpayers' money to be invested from the National Pensions Reserve Fund into AIB and Bank of Ireland but we are also giving the Minister for Finance the powers to invest further funds in the banks without the prior approval of the Oireachtas. We are here to represent the taxpayers of this country and accept funds or assets for the benefit of the fund from sources other than the Central Fund. What does this entail and what assets are included?

The Minister spoke jocosely earlier in that it might involve the Houses of the Oireachtas themselves. To put it in context, this is about accountability and showing respect for taxpayers' money. It is not good enough for the Minister of State to say he will not accept this amendment or, furthermore, for him not to give an explanation for not accepting it.

See this speech in context