Seanad debates
Wednesday, 1 October 2008
Credit Institutions (Financial Support) Bill 2008: Committee Stage.
6:00 pm
Brian Lenihan Jnr (Dublin West, Fianna Fail)
It is important to note the precise terms of section 6, whereby financial support can be provided in such form and manner as determined by the Minister and on such commercial or other terms and conditions as the Minister thinks fit. The legislation empowers the Minister not alone to set commercial terms, but also other terms in the arrangement arrived at with the relevant banks as he thinks fit. That discretion is provided for in the Bill. It is clear from the section that it provides ample power for the Minister in legislative terms to address the issue. It is always a mistake in legislation to include too much detail. I have piloted Bills through the House in the past and have always been struck by the fact that we are inclined to make our legislation too detailed. This is understandable and comes from our vocation as politicians.
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