Willie O'Dea (Limerick East, Fianna Fail)

I listened carefully to Senator O'Toole and, as usual, he makes a great deal of sense. However, we are seeking EU approval for NAMA and, in doing so, it is important to make what is already implicit in the legislation absolutely explicit and state in clear and unambiguous language that we will not approve any restructuring plan that contravenes EU law. The amendment proposes to delete subsection (11) of section 208, which provides that the Minister for Finance, after consulting with the Governor of the Central Bank and the Financial Regulator, may direct a participating institution to draw up or amend within a specified period a restructuring plan for the purposes of the Act. The section also makes provision for related matters, including business plans. It is not clear why we would wish to propose the deletion of this subsection, although Senator O'Toole partly explained it, which provides that the Minister shall not approve a restructuring or business plan that fails to comply with domestic law and with European Communities law relating to competition and state aid.

People might consider the provision unnecessary. However, it is a very necessary provision as we must make it explicitly clear that we will respect EU requirements on state aid, in particular. Furthermore, the Seanad will be aware that we have been in close contact with the European authorities on every step of the process to date. The European authorities have already seen that this provision is included in the Bill. Its removal at this stage will serve no purpose other than to create difficulties or potential difficulties with the European Commission. For those reasons, I am reluctant to accept the amendment.