Ivana Bacik (Independent)

I am also concerned with regard to the Bill we are being asked to debate tonight. There is a real lack of clarity regarding what the taxpayer is taking on in respect of the legislation. Anyone who watched "Prime Time" last night would have been left even more confused with regard to whether the banks are exposed to toxic debts — one commentator was strongly of the view that they are so exposed — and whether there is a strong risk for the taxpayer as a result of the acceptance of this measure. If the banks are so secure, why do we need to bail them out? From listening to the stockbrokers and others in the banking sector who are defending and lauding the Bill, one might come to the conclusion, "They would say that, would they not?" They are, after all, the ones who are getting the good deal. It is difficult for any of us to decide whether the Bill deserves our support, which is a matter on which we will be obliged to engage in a detailed debate later today.

There appears to be cross-party agreement on the need for increased regulation in the financial services sector. There should also be increased regulation in respect of our greenhouse gas emissions and the targets relating thereto. A number of extremely worrying reports were published recently — they were eclipsed by the financial crisis — which show that Ireland is nowhere near meeting its Kyoto targets. In that context, I renew my call to the Leader and Deputy Leader for the Second Stage debate on my Climate Protection Bill to resume. I wrote to Deputy Barrett, Chairman of the Joint Committee on Climate Change and Energy Security, yesterday and requested that I be allowed to make a presentation on the Bill to his committee, which might then support it. I also request a resumption of the Second Stage debate on the Bill in this House. It is important that this should happen, particularly when we are considering the need for increased regulation across various sectors society.