Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Bill is necessary to allow the State to act urgently and decisively in respect of a complex issue when markets are volatile, while keeping the Houses informed of the details. This amendment would prevent the legislation from coming into operation, except in respect of section 7, until the scheme was approved by both Houses. The purpose of the Bill is to enable prompt, effective and expeditious action. Accepting the amendment would defeat that purpose and mark a departure from standard reporting procedures.

The provision for making a scheme in respect of financial support recognises that in a dynamic area, schemes may require revision. It is important we should commence drawing up the scheme, which will be submitted to both Houses, within the framework of the legislation. The amendment would impose a delay and, potentially, a harmful disclosure of an intervention to address a particular need.

I understand the spirit in which the amendment has been tabled. However, it is unusual to include a provision whereby an Act will not come into force until, effectively, a decision under that Act is made. The purpose of enacting legislation is to enable decisions to be made. With respect, I am of the view that this proposal puts the cart before the horse in legislative terms.