Brian Lenihan Jnr (Dublin West, Fianna Fail)

Deputy Burton has ranged far and wide and I will try to deal with her points.

Deputy Rabbitte suggested that I am conferring unlimited power on the Minister but the crucial point is that the Minister cannot exercise this power without the approval of both Houses. They must give a positive resolution and approval of whatever the Minister proposes. That is fundamental to the operation of this section. I am not King Henry VIII for the purposes of this section. I must submit whatever is proposed to the House and I must propose it in the form of a scheme. That will be a very detailed scheme that will outline and address precisely many of the issues Deputy Burton has raised.

To give a practical factual context, without getting into the details, which must be finalised with the authorities and the Commission, this envisages five year debt. That is one of the Paris principles. Deputies are aware of the frozen condition of world markets for banks in obtaining such debts.

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