Martin Mansergh (Tipperary South, Fianna Fail)

I move amendment No. 1:

In page 4, lines 31 and 32, to delete all words from and including "in" in line 31 down to and including "underwriting" in line 32.

Section 3(e) provides that the NPRF commission can advise the Minister for Finance on a proposed investment or underwriting about which the Minister proposes to give a direction under section 19A or 19B. There is a bit of a mismatch here because section 19A deals with investment and underwriting while section 19B deals with the commission holding, managing and disposing of investments. The effect of the amendment the Minister is proposing is to provide that the NPRF commission can advise him not only on making investments in listed credit institutions but also on holding, managing and disposing of investments.

The provision on advising the Minister on making investments will allow the commission to sign contracts immediately this Bill is enacted for the carrying out of the due diligence process on Allied Irish Banks and Bank of Ireland, and that was the primary purpose of the provision. However, it would also be appropriate that the commission have a formal function in advising the Minister on holding, managing and disposing of a shareholding in a listed credit institution.

If the amendment is made the subsection will read as follows — "to advise the Minister, whenever the Minister so requests, on any matter about which the Minister proposes to give a direction under section 19A or section 19B".

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