Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I move amendment No. 85:

In page 64, line 24, to delete “1973” and substitute “1973¹”.

¹OJ No. L228, 16.8.1973, p.3

Amendments Nos. 85 to 88, inclusive, are all drafting amendments to Part 13 of the Bill. Amendment No. 89 relates to the Credit Institutions (Stabilisation) Act 2010. That Act provides broad powers to the Minister for Finance to act on financial stability grounds to effect swift restructuring actions and recapitalisation measures as envisaged under the programme agreed with the external authorities.

The purpose of the restructuring measures is to ensure the banking sector is proportionate to the size and needs of the economy. Under the Credit Institutions (Stabilisation) Act 2010, the Minister may, having consulted the Governor of the Central Bank and formed certain opinions, make four types of order addressed in relevant institutions - first, a direction order; second, a special management order; third, a subordinated liabilities order; and fourth, a transfer order - after which the Minister then applies to the High Court for an order in those terms.

The proposed amendment to section 38 of this Act is designed to make clear that where, in the context of a transfer of assets and liabilities of a credit institution, the Minister provides a financial incentive in accordance with section 38(1) of the Act and the financial incentive involved is in the form of a payment, the payment will be made from the Central Fund or the growing produce thereof. That is the intention of the section as it stands. The amendment is simply to remove any doubt about that position.

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