Shane Ross (Independent)

This is a fine Bill in many ways but section 18CA of Schedule 1, which deals with the membership of the Central Bank commission, badly damages its credibility. We addressed this issue on Second Stage. The most important part of this Bill is the commission and the Central Bank will be judged by its performance and personnel. If a Government ever had an opportunity to act in a new way, this is it. Let us forget about the abuse of patronage in Bord na Móna, the Dublin Airport Authority, An Post or VHI. These commercial State sponsored bodies are not quite as sensitive as the Central Bank, which will be the institution on which the credibility and credit rating of this State will stand or fall. It will regulate the banks but if the international markets lose faith in the sector or the institution, we will be in even more serious trouble than we are at present. I hate to anticipate the sort of doomsday scenario that threatens us as a result.

Whenever I make this argument, the response is always that it is very unfair to exclude political people just because they are members of Fianna Fáil. Ministers always say that because they always make appointments from the ranks of Fianna Fáil.