Willie O'Dea (Limerick East, Fianna Fail)

Maybe this issue can be sorted out. I will talk to Senator Coghlan about it.

On the use of the word "may" or "shall", I reiterate the commitment the Minister gave in the lower House that he will introduce guidelines. He may well introduce a number of sets of guidelines. For example, he intends to introduce guidelines from time to time to respond to sectoral credit problems as they arise. In that case, in view of the fact that the Minister wants to take on himself the right to introduce guidelines from time to time, the word "may", I am advised by the parliamentary draftsman, is the appropriate word to use. The word "may" gives the Minister a power, "shall" creates an obligation.

Section 22(1) of the Interpretation Act 2005 provides "A power conferred by an enactment may be exercised from time to time as occasion requires." We have sought the advice of the Attorney General in view of the points made here this morning and he has reiterated that "may" is the appropriate terminology in this case, in view of what the Minister wants to do.

I listened to various Senators outlining what the banks might do with the money. Let us assume it is €54 billion. As Senator Butler stated, we still must work out the exact amount. It might be more, it might be less - I would say, probably less. Is it seriously being suggested, as some have appeared to suggest, that putting all of these billions of euros together with the billions of euros we are putting in to recapitalise the banks into the Irish financial institutions, whilst at the same time taking the problem loans out of the banks, will make no difference? That is not sustainable.