Paul Coghlan (Fine Gael)

I tabled No. 15 on the Order Paper, the Credit Institutions (Financial Support) (Amendment) Bill 2009, with the support of my colleagues because of a blatant legal anomaly that needs to be addressed. As we know, the Director of Corporate Enforcement has power to enter banks incorporated under the Companies Act, but does not have the power, as the law stands, to enter any other financial institutions, such as building societies. Therefore, as we appreciate, he cannot cross-check transfers, dodgy, illegal or otherwise, and we have had numerous recent examples of this. At present, he has no role to play with regard to the Irish Nationwide building society. This is an appropriate measure in the context of the guarantee provided by the State to the covered institutions. I hope the Leader and the Government will see this as a proportionate measure in the public interest which we as legislators in this House and the other House should be seen to serve and protect. I look forward to the support of the Leader which he indicated privately.