Brian Lenihan Jnr (Dublin West, Fianna Fail)

I will deal with the Deputy's questions. Deputy Bruton was concerned to know when we will see the codes of practice and the appeals mechanisms. The codes of practice will be binding on the participating institutions. We will not have participating institutions until this legislation has been adopted and the various institutions have complied with their internal formalities with regard to their participation. The impression is sometimes given in this debate that I will roll €47 billion or €54 billion straight into the banking system next week. While it might be desirable to do that, from one point of view, that is not what will happen under this legislation. As Deputies are aware, it is not likely that there will be a substantial transfer until later this year or early in the new year. It is clear that a code of practice covering the present problems will have to be in place before that can happen. That will be an essential part of the appeals mechanism. The banks will not receive the money this week, or the week after the commencement of the legislation. Deputy Burton said that we should be tougher with the banks. We are tough. We are giving ourselves the power to regulate the banks' lending and to put in place an appeals mechanism. I find it difficult to see how much further than that we could go at this stage, in this Bill, while maintaining a flexible approach.

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