Michael Noonan (Limerick City, Fine Gael)

I move amendment No. 16:

In page 85, to delete lines 23 to 26 and substitute the following: "even though the making of that order would have the consequences of affecting (including reducing) the rights enjoyed by subordinated creditors before the order, but nothing in this subsection shall be taken as requiring the Minister to consider the possible adverse consequences of the order on the interests of a particular creditor or class of creditors of the relevant institution or to consider any submission made by a creditor on behalf of that creditor, a class of creditors or creditors generally.".".

The reason for this amendment is to achieve consistency between this Bill and the Credit Institutions (Stabilisation) Act 2010 with regard to the making of an order which might have the consequence of affecting the rights enjoyed by creditors before the making of the order.

The amendment provides that the Minister shall not be required to consider possible adverse consequences on the interests of a particular creditor or class of creditors or to consider any submissions from creditors when making a proposed subordinate liabilities order.

See this speech in context