Pearse Doherty (Sinn Fein)

I move amendment No. 1:

In page 6, line 24, after "Minister" to insert "on behalf of the Oireachtas".

This amendment changes the definition of the role of the nominee. Some Senators complained on Second Stage about the lack of consultation on this legislation with other parties which are offering sensible solutions to the country's economic situation. Unfortunately, the Government is unwilling to listen to some of the answers that we in Sinn Féin and other parties are putting forward.

The legislation refers to the nominee of the Minister. In this amendment I intend to strengthen the role of the Oireachtas so that the Minister does not appoint the nominee alone, but does so on behalf of the Oireachtas. This will require consultation with, and approval by, the Oireachtas of whatever nominee the Minister appoints to act on his or her behalf in respect of the affairs of this bank.

It is important that this happen because we need Oireachtas oversight. We have seen the monster that the previous Government created in the Health Service Executive, HSE, which is overseen by the Minister but is not accountable to the Oireachtas. My amendment changes the definition of the nominee and places an onus on the Minister to ensure that the nominee is appointed on behalf of the Oireachtas.

This is important in view of the type of bank with which we are dealing. It is in this situation because of its reckless practices, having been in bed with property speculators and developers. Given the love affair this Government and its predecessor had with those ruthless developers who have brought us to this point, it is important that the Minister seeks the approval of the Oireachtas. I ask the Minister of State to support this amendment.