Stephen Donnelly (Wicklow, Independent) | Oireachtas source

As the longest serving Member of this House, the Taoiseach knows better than anyone that it is the constitutional obligation of Dáil Éireann to hold the Cabinet to account. He stated earlier that there is €40 billion at stake in this legislation and I ask fellow Members how we are fulfilling our constitutional obligation this evening in this way.

This is a highly technical piece of legislation with implications for the Irish people for decades to come. We on this side of the House have not had time to go through it. Fine Gael and Labour Members have not had time to go through it. As happened in 2008 and in 2010 when the promissory notes were issued, the finance committee has been by-passed. Tonight, if this accedes to the wishes of the Cabinet, we will have failed in our clear constitutional obligation to hold them to account on a matter of serious national importance.

I have no objections to passing legislation that protects State assets in IBRC. This Bill may do that, but it does much more. Critically, it passes the €28 billion promissory note from IBRC to the European Central Bank. If and when the Government Members vote "Yes" for this legislation, they will be moving €28 billion - as a debt to two dead banks under criminal investigation - from IBRC to the European Central Bank. The European Central Bank is legally not allowed write any of that debt down. That is what this Bill does tonight.

The Bill also gives the Minister power, with no Dáil oversight and no Dáil vote, to issue securities.

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