Pearse Doherty (Sinn Fein)

Amendment No. 3e deals with the drawdown of funds under the terms of this legislation. Sinn Féin proposes that the funds should have "sole application to the primary banking activities of either beneficiary" and should be "confined to the said financial institution's activities wholly within the island of Ireland". In other words, the moneys that are drawn down should be used as we want them to be used. When we suggest that funds should be used for "primary banking activities", we are trying to ensure they are made available as mortgages and car loans and to small businesses. The €7 billion that is being provided by the Irish people, through the National Pensions Reserve Fund, should not be used to lend money to people in other countries. We ask that it be confined to the island of Ireland. Banks such as AIB have many branches in Poland and the USA, for example. Will the Minister clarify whether some of this money could be used in those branches to provide big loans to the Poles or the Yanks? Could that happen to our National Pensions Reserve Fund or are there restrictions? If there are no restrictions, we ask that the money invested by the Irish people in these banks be used for customers here on the island of Ireland.