Pearse Doherty (Donegal South West, Sinn Fein)

I strongly object to the Government's approach to the Bill, which will dip into the pockets of every insurance policyholder bar health policyholders to the tune of approximately €738 million. The figure was first announced at €600 million in April and it is increasing on a weekly basis. The Minister needs to answer serious questions regarding this legislation, particularly in regard to the payoff to the bondholders of Anglo Irish Bank. Far from what the Taoiseach believes, the taxpayer is paying bondholders through the promissory note, which will cost €60 billion.

It is wrong to slam the remaining Stages of the Bill today into one slot with one vote at the end of the debate, particularly given the Seanad was forced to deal with all sections of the legislation in one sitting. It is improper and it is completely out of kilter with the Government's commitment to political reform to allow inadequate time to scrutinise legislation. I appeal to the Taoiseach at the last minute to reverse the decision on this guillotine and to take Committee Stage during a later sitting.

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