Pat Rabbitte (Dublin South West, Labour)

I rise to support the amendments. I support amendment No. 2 in particular because I cannot take on board the fact that we are giving the Minister authority for ever and a day to do whatever he thinks is required in his perception of the public interest at the time and in respect of whatever type of liability he wants. It is unconscionable that we should be asked to go that far. As far as I can see there will not be any moral hazard in Irish banking for between 20 and 30 years, despite what we know about the conduct of some bankers and the certainty that some will revert to type. The Minister is using the opportunity to take this power to himself without constraint and without any sunset clause.

Deputy Bruton's proposition that the legislation ought not to go beyond the calendar year of 2014 is very reasonable. I do not want to question the Taoiseach's statement today that there are opportunities in the marketplace of which we could not avail if the guarantee were not extended. There should be a limit and the one proposed is very reasonable and generous.

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