Kieran O'Donnell (Limerick East, Fine Gael)

These are all interlinked and have come about because of the financial crisis and because of a banking crisis caused by a lack of regulation. The Financial Regulator is gone and the heads of all the main banks are gone. Dire mistakes have been made and we need to discuss this in depth.

I will return to the Bill. Section 4, which is important, provides that the Minister will have the power to prescribe the level of deposit to be maintained by the banks in the deposit protection account. The current level of contribution is set at 0.2% of the prescribed deposit base. I ask the Minister to clarify whether this was the level that pertained before 30 September last and the banking crisis. The Minister stated in his speech: "It is not proposed to change that figure at present, having regard to the significant charges already being levied on credit institutions participating in the separate bank guarantee scheme." I must point out that no higher levies have been placed on the taxpayer in terms of the cost of borrowing to the State because of the guarantees we are providing under the various schemes. I ask the Minister to elaborate on this and to tell the House whether he believes that at 0.2% he is getting value for the taxpayer.

I am a great admirer and supporter of the credit union movement in terms of what it has done for small borrowers and savers throughout the country. I am delighted that the deposit protection scheme applies to savers. The Minister stated: "After the passage of this legislation and the necessary statutory instrument, it will be necessary to have further discussions with the credit union movement for their admission into the scheme from an administrative perspective." I hope this will be concluded in a speedy fashion in order that we can have complete certainty.

I hope the Minister will take the Fine Gael proposals in the spirit they were offered and that funds will flow to small businesses. The National Asset Management Agency is a time bomb. It will not facilitate the flow of funds to small businesses. Instead, it will merely buy time in that the loans in question will be out of sight and, therefore, out of mind. I hope we will have time to debate the NAMA legislation properly, without a guillotine, when it comes before the House.

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