Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

If we did not have a stamped copy of the Bill, we could not bring it into the House so ipso facto, it is constitutionally proofed by the Attorney General.

A number of Deputies have drawn attention to potential difficulties they see in section 17. This would be a serious issue if it was not part of our law already. Under section 17, powers are transferred from the Minister for Finance of the day to the NTMA but that has always been the position and the NTMA under its basic legislation is empowered to issue securities. Specifically, I refer Deputies to the Irish Bank Corporation Act 2009, section 34: "For purposes of this Act and to enable the Minister to provide funds for Anglo Irish Bank's continued operation, the Minister may whenever and so often as he thinks fit create and issue securities." It is already part of Irish law, both under the base legislation of the NTMA and specifically in the Anglo Irish Bank legislation. There is nothing in section 17 that is not already in our law. It will not be exercised by the Minister for Finance - this Minister for Finance would not know how to issue a security. The NTMA does this in consultation with the Minister for Finance or on the instruction of the Minister. The NTMA during the year got us back into the markets and is issuing Government paper. We do not have a debate every time the NTMA issues Government paper. It must have the flexibility to time markets on that basis.

People asked why we had to act and I think we have dealt with that. No one would stand over a situation where it was clear statements were being made in Reuters and Bloomberg and we were not in a position to contradict them. No one would let that situation develop so the assets of the bank would be impaired in the way I describe. If that happened, the Opposition would be rightfully very critical of any Government that would allow that.

There is power under the Bill for the Minister to issue directions to the liquidator. If this legislation is passed tonight and signed by the President, the same person from KPMG who has already secured the property this afternoon will be the special liquidator. I will issue instructions to him and I will put a copy of those instructions into the Library of the House as soon as that is done and they will be available to Deputies.

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