Seanad debates
Thursday, 2 October 2008
Order of Business
Eugene Regan (Fine Gael)
Regarding the discussion this morning, I want to remind Members of the basic principles on which that debate took place. I have a question for the Leader. We have confirmation from the Minister that the Government only took action faced with a collapse in the banking system. We know how that came about and it is something on which the Government could have acted earlier. Once the announcement was made in respect of the guarantee to the banks, it was a fait accompli. To have caused any difficulties from the Opposition would have unsettled the financial markets. It is a Government scheme and it is the Government's responsibility. We have taken a lot on trust in our debate regarding the details of the scheme. All we have is a framework. The Minister has to come back with a scheme in terms of the detailed nature of the guarantee, the costs, the fees and the oversight provisions. We have taken a lot on trust and the support is qualified. It is the Government's responsibility to get it right and we will be revisiting that issue again. I ask the Leader if provision will be made for further discussion on that subject.
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