Liam Twomey (Fine Gael)

I move amendment No. 2:

In page 5, after line 40, to insert the following new section:

"3.—Nothing in this Act shall permit the extension of any guarantee under this Act or Credit Institutions Financial Support Act 2008 to any form of Tier 1 or Tier 2 risk capital as defined under the Basel II Capital Adequacy Framework.".

While I do not wish to hold up proceedings, the Minister of State should comment on what is known as subordinated debt, which basically is when investors take a risk when investing in banks. How has this risk been affected by the fact that to some degree, Irish taxpayers are providing guarantees in this regard? Such investments should carry risk like any investment and regardless of whether one invests in a bank or a company, the taxpayer should not be obliged to guarantee such instruments.