Paschal Donohoe (Fine Gael)

I thank the Minister for that information. The point I mentioned was made in that report, which I had the opportunity to see.

Does this Bill not represent an opportunity to examine mechanisms that could be introduced to create living wills for banks, to provide that if they do not deliver and if there is a risk of them becoming insolvent, an organisation such as this would have the power to ensure the costs of banks becoming insolvent or not having the ability to carry out their own business would not be sustained by the taxpayer in the future? Does this Bill not also represent an opportunity to use an organisation such as this to ensure that bondholders, the people who invest in these banks, are the people who take more responsibility for the losses sustained by banks in the future rather than only the taxpayer?

I appreciate the Minister's detailed comment on the credit union movement, particularly in regard to sections 35A and 35B and the changes he has made. Notwithstanding that, why does he consider it appropriate to insert in this legislation such detail regarding the percentage of the book value a credit union can lend and the period of time for which this can be done? The level of detail in the Bill regarding the lending activities of an individual credit union, to the best of my knowledge, appears to be ahead of anything we have seen for individual banks.

While there are many aspects of this Bill that can be supported, for the reasons I outlined it represents a missed opportunity in two areas. I would appreciate an answer from the Minister to my question on the credit union movement.