Timmy Dooley (Clare, Fianna Fail)

I welcome the opportunity to contribute on this Bill. It is well known that this Bill was initiated in the Seanad by the previous Minister for Finance, the late Brian Lenihan. Therefore, it is effectively the same Fianna Fáil Bill and is almost word for word what was set out then. While I do not want to make a political issue of it, I welcome the fact that the Government continues to deal with the crisis in a similar manner, particularly with regard to the enactment of legislation along the lines set out by the previous Minister and Government.

I welcome that the Bill is being put forward now to ensure the situation can be resolved in the event of a similar crisis occurring such as that which occurred in 2008. Prior to the election, the approach suggested by some was that it would be possible to force burden sharing on various bondholders. That has not been possible.

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