Seanad debates

Thursday, 5 March 2009

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee Stage

 

4:00 pm

Photo of Liam TwomeyLiam Twomey (Fine Gael)

I move amendment No. 4:

In page 4, line 26, after "Minister" to insert the following:

"having secured the prior approval of each House of the Oireachtas".

Before funding is given to anybody, both Houses of the Oireachtas should be made aware of it. In the Minister's speech he said: "This will allow the commission to carry out the necessary due diligence on Allied Irish Banks and Bank of Ireland before the actual recapitalisation." That covers section 3. What was the purpose of the fee of €30 million which Bank of Ireland paid to the commission?

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