Marc MacSharry (Fianna Fail)

-----because it gives the people the level of control and influence in the banks for which many of us have yearned for the past number of years. It is welcome in that regard.

It vests the people's power through the Minister in controlling aspects of the banks which is much needed. As with other measures in recent weeks, with the support from the IMF and the EU, it provides us with the basis to give us that point of inflection for which many of us have yearned for the past three years to move forward from this crisis.

Clearly, there are measures within it that are Draconian. The Minister mentioned the nature of some of them. Clearly, there must be consultation between the Central Bank and the Minister on a number of measures, and that is also to be welcomed. However, I am confident that for the year that these powers exist, we can move forward to restructure our banking system and finally begin to put behind us the mess which has been our banking system for the past number of years.

On the issue of directing the sale of assets within the financial institutions, I would caution that there should be serious debate over which assets are disposed of. There might be a concern that some good aspects of these institutions may be sold because they are more saleable at this time, and I would have concerns about that. While the Minister can clearly direct that, I ask that when that arises some level of debate take place because I fear there might be a tendency to sell the family silver.

I welcome the subordinated bondholders sharing of the pain. Of course, the Bill also gives effect to the Government's decision during the week on bonuses for AIB, and that is also welcome.

I look forward to the opportunity to contribute on Committee Stage. I welcome the legislation as a further step in the right direction. There is a public demand to bring some kind of closure to the banking situation. It has been fluid. It has had to be. The goalposts have changed many times throughout the past couple of years. I hope that with this legislation we can move quickly and decisively to draw that line in the sand and recreate our banking system on a level which is consistent with the needs of our economy and which, finally, caters for businesses and families throughout this country which require credit lines to function. I hope we can move with these powers to do that quite quickly.