Seanad debates

Wednesday, 1 October 2008

Credit Institutions (Financial Support) Bill 2008: Committee Stage.

 

5:00 pm

Photo of Alan KellyAlan Kelly (Labour)

I move amendment No. 1:

In page 1, before section 1, to insert the following new section:

"1.—This Act (other than section 7) shall not come into operation until the Minister has published and laid before each House of the Oireachtas for its approval full particulars of the terms and conditions under section 6(4) including the terms and conditions of any scheme."

The Minister will be aware, following the debate in the Lower House, that particular concerns have arisen regarding the terms and conditions and the generic nature of the scheme to which the Bill relates. It will be entirely at his discretion to interpret the conditions under which he will have powers to provide support. The Minister has gone some way towards explaining why this matter has been dealt with in such a generic fashion. However, there is a need to go further. We must set the parameters and principles within and under which the terms and conditions will be applied. Those parameters and principles are not set out in the Bill. Amendment No. 1 is designed to ensure a process to lay before the Houses the particulars of the terms and conditions is put in place in order that the powers the Minister may exercise and the principles that will apply in respect thereof can be outlined and justified.

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