Martin Mansergh (Tipperary South, Fianna Fail)

To make a general point, the Minister or Minister of State will accept an amendment if it makes sense. They will not do so merely out of respect for this House or the Other House.

The amendments have been carefully considered and the Minister appreciates the thinking that lies behind them in relation to the oversight of the expenditure of public moneys. It is important to bear in mind that the Bill provides that the Minister for Finance may give directions to the NPRF commission in circumstances where the Minister is of the opinion, having consulted the Governor of the Central Bank and the Financial Regulator, that the direction is needed to remedy a serious disturbance in the economy or prevent serious damage to the financial system. In these kinds of circumstances, there may be a balance to be struck between transparency and the need to withhold, at least for a time, market sensitive information about investments which the NPRF is being directed to make in the public interest.

The NPRF Commission is, in any case, required to produce an annual report within six months of the end of its financial year, and the Minister for Finance can give directions as to its content. The commission has been producing very detailed reports of its activities and investments and that is expected to continue. I might add that the Minister undertook in the Dáil yesterday to keep that House informed in advance of any directed investment in a listed credit institution, subject to any requirements of confidentiality. He made the point, however, that he could not absolutely guarantee it in all circumstances. I regret I am not able to accept the amendment.

I will refer to two other points that were made. The intention is to continue making payments into the NPRF, simply because that is a responsibility we ought to be fulfilling and which we should not just scrap because of our present difficulties. The fund at the end of 2008 amounted to €16.4 billion. Of this, €4 billion has been designated for recapitalisation, which would reduce the total to €12.4 billion, and €3 billion of additional funding is coming from the Exchequer. Thus, €12.4 billion is available to the fund for its normal investment activities at end-2008 values. The payment obviously comes out of the Central Fund each year.