Alex White (Labour)

If we are supposed to be doing this in a comprehensive way, let us put it into the legislation. That does not mean it will be invoked. We all very much hope that it can be avoided. Many respected commentators have stated not so much that they think it is a good idea, but that they believe it may be difficult down the road to avoid. Why can the Government not speak the Queen's English and state that is the position, let us put it into the legislation and let us, of course, by policy means and otherwise, seek to avoid it happening? That does not mean that because the Government does not want to mention the "D" word, there cannot be provision in legislation for the eventuality where there is some issue in respect of the senior bondholders in the way that the Government has now acknowledged there is in respect of those who hold subordinated debt. It is a legislative, enabling provision, which need not be triggered.

On the legislation, whereas it is important, it is not good enough for the Minister or the Government side to state we can have Committee Stage this afternoon for two or three hours. This is comprehensive legislation. It was published on Tuesday, as I stated on the Order of Business. It was put through the other House yesterday and it is proposed to put it through this House today. Apart from the disservice that does to Members in this House, and while the Minister of State may say we can speed-read it, take our advice, talk to our people etc., it does a disservice to the community because people deserve the opportunity to consider these issues over a period at least of days and preferably weeks. There are important committees in these Houses which have a good record in addressing the detail of this type of legislation. Why did a committee not consider this?

The Minister for Finance stated in this House on a number of occasions that this type of legislation was in the "pipeline". At earlier stages he seemed to resist it or not think it important but in recent months he signalled that it was approaching. When was this legislation first conceived and when was the first work done on it by the Government? It would have been done in the Department of Finance and I presume that along the way there was advice or input from the Attorney General. When did it start? I do not want to know any secrets and I am not looking for the Attorney General's opinion on this, that or the other. I just want to know the date work started on it.

It seems highly unlikely that the first work done on this legislation would have been done after the agreement with the IMF. I presume the legislation has been in a state of preparation for some time. Why did we not have a debate and why could we not have discussion on its contents? What is the business of coming in on a Tuesday, publishing a Bill one day, passing it in the Dáil the next day before putting it through here on a Thursday? We are then told that we can discuss the Bill on Committee Stage. It is not good enough for the Government in this crisis and with these issues to act like this. We should not get too upset about ourselves and the way the Parliament is treated but the people are also treated with contempt. This is an issue which the people should see as being allowed to breathe in public discourse and discussion. There is no allowance for that to occur.

With regard to the contents of legislation, one of the areas that people have focused on is section 53. In the spirit of the relative independence of this House and its Members, I express the view that the powers being taken by the Minister in section 53 are not unreasonable. If there is to be a serious intervention where the Minister is fortified in what he or she is doing in these matters, the powers are not unreasonable. I say this because I know the section has been criticised. I take the criticism that has been made with regard to oversight of the Minister's powers, and the Minister explained in his speech that there was a high degree of judicial oversight provided. The Minister explained that judicial oversight would be available. To the extent that the Minister gives such an assurance, it is not beyond the bounds of what is reasonable that there should be very firm powers given to the Minister and the Government in contemplation of what should be done.

I made the point about section 28 and burden sharing. I reinforce the point that it seems there is nothing to stop the Government going further and simply having an enabling provision allowing it to act on other types of debt in future. Section 4 deals with the purposes of the Act which are at the heart of the matter. This relates to the basic point of when this legislation was conceived, developed and written. At the end of 2008 and in 2009 there was a need for legislation to provide for every item in section 4.