Martin Mansergh (Tipperary South, Fianna Fail)

It is not possible to impose such chauvinist and protectionist thinking on the National Pensions Reserve Fund. The amendment is not acceptable. The scope of the Bill is such that it allows the Minister for Finance to direct the NPRF commission to invest in a listed credit institution. That means a credit institution listed on a stock exchange which has a trading presence in this country. In view of our commitments as a member of the EU it would be unacceptable and impossible for us to attempt to limit the scope of a direction to activities in this country. Given that the recapitalisation will involve the purchase of preference shares, it is not obvious how that investment could be limited to activities in this country. It is primarily for the boards of the financial institutions to manage their day-to-day activities to make a return on investment and it would be inappropriate for the Minister to interfere in such board decisions or proposals.