Kieran O'Donnell (Limerick East, Fine Gael)

Absolutely. The legislation states: "under the Companies Acts in pursuance of powers conferred by or under another enactment, and financed wholly or partly by means of money provided, or loans made or guaranteed, by a Minister of the Government or the issue of shares held by or on behalf of a Minister of the Government." Anglo Irish Bank fits that bill. The Government's amendment No. 5 states: "in respect of which a public service pension scheme exists or applies or may be made." Anglo Irish Bank falls very much within the remit of this Bill.

Just as the Government acknowledged it make a mistake in raising the VAT rate from 21% to 21.5%, will it state it made a mistake in nationalising Anglo Irish Bank? It should have carried out an orderly wind-down of the bank. The bank is now effectively a bottomless pit and another €4 billion is required. The European Commission is on record as saying it wants the Government to outline what it is doing to get off the pot in respect of the bank. It must decide whether to keep it in operation or have an orderly wind-down. The bank has not lent a red cent and will not do so. There is nothing in this Bill to prevent the imposition of the cuts on the higher-paid staff in the bank.

The Minister of State did not state to whom the pay cut applies. Both Deputy Rabbitte and I raised this matter. The Minister of State should explain why the Government changed its approach since imposing the pension levy. Although it exempted the very low paid from the pension levy, it did not exempt them from the recent pay cut. The Minister of State is present to represent the Government. Telling us he has no further comments on this matter or any other matter is not good enough. His job is to answer questions on behalf of the Government and we need answers. Consideration of this Bill is to conclude in just over 20 minutes and we are entitled to answers.

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