Stephen Donnelly (Wicklow, Independent) | Oireachtas source

That means the Minister will be able to sit down with Governor Honohan and the President of the European Central Bank, Mr. Mario Draghi, and say, "Let us all agree to turn this €28 billion promissory note into a 40 year bond", and we in this House will have no say. We will have no vote because we will be giving the Minister that authority in this Bill.

That issuing of a security is an appropriation of public money. Appropriation of public money is the gift of this House alone, not of the Minister or the Cabinet. It is entirely possible that section 17 could be ruled unconstitutional.

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