Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

In calling this debate, the Government has told us that a genuine emergency situation exists whereby the State would be exposed to considerable difficulties if we fail to act immediately. It has supplied us with little time or information about the exact implications of the legislation. In fact, there has been less time and less briefing than in comparable situations in the past.

The Taoiseach should have called in the Leaders of the Opposition earlier this evening. He should have given them the courtesy of briefing them on the situation that was unfolding, as well as on the legislation. Likewise, the Minister for Finance, Deputy Noonan, should have personally briefed the Opposition finance spokespersons. Given the emergency nature of the legislation, its importance and the late hour, that was the least that should have been done for the Oireachtas.

What has happened this evening is unacceptable in terms of presenting this legislation and the time allotted to it, in addition to the very short period we have in which to examine and assess the Bill.

In particular, Members have no capacity to table amendments or make suggestions on the legislation.

That said, Fianna Fáil believes Members must accept in good faith the statement of the Minister for Finance, Deputy Noonan, that there is no alternative to producing this legislation in this manner. Fianna Fáil would have preferred more detail and perhaps a more specific explanation of the rationale for the Bill in respect of the risk exposure for the bank and the State and for the Minister, who outlined a potential risk of €14 billion. In his wrap-up, perhaps the Minister will outline in considerably greater detail the actual specific risks to which the State is exposed in the absence of the passage of this legislation this evening. Members have been informed that major financial obligations are inevitable if they delay.

I commend the Minister's speech this evening because it contained no grandstanding, unlike the political posturing and positioning in the speeches of the Taoiseach and the Tánaiste.

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