Liam Twomey (Fine Gael)

I move amendment No. 3:

In page 3, before section 2, to insert the following new section:

2.—(1) Any advance contributions made by the Minister to the Fund shall be confined to the provision of funds to certain financial institutions agreed by a resolution of the Houses of the Oireachtas to constitute critical financial institutions to the provision of financial stability and the flow of credit in the economy.

(2) Any institution that receives funds under this Act must publish a quarterly report, to be provided to the Houses of the Oireachtas, detailing their increased lending provided to enterprises and first time home purchasers.

This is a fairly straightforward amendment. Unfortunately, the Government has so far taken a hands off approach to the banks and how they propose to spend taxpayers' money. What guarantees can the Minister of State give us that money promised to SMEs and first-time buyers will be spent as intended? Also, will the Government put before the Oireachtas a quarterly report in that regard, as requested in this amendment?