Ivana Bacik (Independent)

This amendment gets to the root of the problem some of us have with the Bill. The Minister has suggested we are obsessed with the assets and liabilities of the institutions. However, it is appropriate and responsible to examine the potential exposure of the taxpayer to liability under the Bill in the terms of the guarantee scheme proposed by the Minister. While we accept and all hope that only an extraordinary set of circumstances would give rise to any real exposure by the taxpayer, we must examine the potential level of exposure. In doing this we must examine levels of assets and liabilities. Many of us would have an issue with the €80 billion cushion that was spoken of, and would see it as a gross overvaluation of the banks' assets. It is important we examine the safeguards in the Act, and this is one important safeguard that could be in it but is not. Another would be to have a representative of the Financial Regulator appointed to the board of any institution getting financial support. Another would be for the Minister to agree to set limits on the levels of salaries and perks for chief executives and senior officials of banks. We need to see more safeguards and this oversight committee could be an important safeguard.