Seanad debates

Wednesday, 31 October 2007

Markets in Financial Instruments and Miscellaneous Provisions Bill 2007: Committee and Remaining Stages

 

12:00 pm

Photo of Dan BoyleDan Boyle (Green Party)

As was alluded to by Senator Twomey, I was the only one who raised concerns about this provision on Second Stage. I asked why a provision of this nature was being included as a miscellaneous provision in a Bill in respect of which we had to agree to an earlier signature motion and had a time limitation on it because of the main provision dealing with markets in financial instruments. I was surprised the issue was not taken up elsewhere. The debate was very rushed and we dealt with the Bill in the minimum amount of time.

However, the concern I expressed then is one which I express now. This provision did not need to be dealt with in this Bill and it could have been dealt with in a Finance Bill or in a Bill following the Green Paper on Pensions about which we have spoken on several occasions on the Order of Business. There was no time specificity about this measure. It has created obvious unhappiness among members of the public, to which we need to respond as a House of the Oireachtas.

However, we have passed Second Stage. All of us need to dwell on how the Bill proceeds from here and keep in mind that all Stages need to be passed today given its main provision concerning markets in financial instruments. Outside this measure, there is nothing objectionable in the Bill and there is much that is necessary. It is fortunate we have this opportunity on Committee Stage to reopen a debate on an issue which did not get a proper airing in the first instance.

Not only do I wish to repeat the concern I expressed on Second Stage but we need to put down a few markers on what should constitute a prior consultation process before the introduction of legislation in either House of the Oireachtas. This is especially relevant early in the life of what is, following my party's involvement, essentially a new Government. As I said on Second Stage, legislation which contains miscellaneous provisions is bad and we should avoid it at all times.

In terms of the details of legislation, being part of a Government involves having an active consultation process prior to the presentation of a Bill to either House of the Oireachtas and I regret that has not happened on this occasion. Outside the main provisions of the Bill, which we are obliged to pass today, I ask for an acknowledgement that this issue was not properly addressed and, as Senators said, that it is dealt with properly in terms of having an even playing pitch in the area of pensions, that all who offer public service in this State are treated equally and that any inconsistencies in the system and any anomalies which arise because of bad legislative practice are corrected at the earliest possible opportunity, if not in the upcoming Finance Bill then at least in the two social welfare Bills which will come before the Oireachtas on foot of the budget in the next few weeks.

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