Seanad debates

Wednesday, 11 November 2009

National Asset Management Agency Bill 2009: Committee Stage (Resumed)

 

12:00 pm

Photo of Ivana BacikIvana Bacik (Independent)

That explains everything.

In answer to Senator Harris, this envisages a system of regulation. A consensus is emerging across the House that the word "may" should be altered to "shall" and that the Minister must introduce these guidelines to regulate the participating institutions.

In response to Senator O'Toole's critique of the workability of the section, this applies only to participating institutions, credit institutions so designated under section 67 by the Minister. They have already been bought into a system that is different from the normal free market run which has failed us.

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