Seanad debates

Wednesday, 8 October 2008

10:30 am

Photo of Frances FitzgeraldFrances Fitzgerald (Fine Gael)

It would appear from what the Leader has said that we will not receive the scheme and regulations to underline the Credit Institutions (Financial Support) Act 2008 this week. Given the urgency with which the issue was dealt with last week in both Houses, many people on this side of the House will be very concerned that the scheme has not been completed by Government and that it is not being presented to the Houses this week. Will the Leader make a statement on that and bring us up to date on when these regulations will be introduced to the Dáil and Seanad? It is critical that taxpayers feel protected. An undertaking was given to Fine Gael and Labour in both Houses that the regulations and the scheme would be presented to both Houses and that we would have an opportunity to respond to them.

The United Kingdom Government has dealt with the matter overnight. I propose an amendment to the Order of Business that the Minister for Finance would come to the House to explain why the scheme is not ready and to give Members an indication of the Government's thinking on the matter, the duration of the expected delay and when we can expect to hear from Government that the scheme will be presented to both Houses. It is in taxpayers' interests that we have the detail of the scheme.

In addition, the United Kingdom has placed a cap on bankers' salaries, for example, a move that was rejected by the Government. Many people feel the area of remuneration was not dealt with adequately last week and needs to be dealt with under the scheme. We need a presentation on the details. I propose an amendment to the Order of Business in order to hear from the Minister on the exact position.

I wish to ask the Leader about the recommendations contained in the recent reports from the Morris tribunal, including the somewhat surprising findings in regard to two of our colleagues who felt they were acting in the public interest. What is the Government's response to the recommendations in the Morris tribunal report on Deputies or Senators receiving anonymous information and how that is acted upon?

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