Seanad debates
Thursday, 16 December 2010
Credit Institutions (Stabilisation) Bill 2010: Second Stage
12:00 pm
Alex White (Labour)
There was no reason to delay and it was damaging to do so. One could tick every box in respect of the contents of the section and none of the requirements is new. They all existed on the morning after 29 September 2008, if not in the weeks and months before that.
Senator MacSharry did not refer to the next point as a criticism but he is correct in saying the biggest problem with this legislation is that it has come too late and was delayed for too long. Once it finally arrived in the week before Christmas, there was not sufficient time for people to carefully consider undoubtedly necessary aspects set out in it and to query any problems that might exist in some aspects, whether they deal with section 53, as raised by some people, or the confidentiality issue.
There appear to be many provisions in respect of confidentiality which I do not quite understand. There is a provision in section 59 which the Minister of State might address in his reply. Everybody understands the requirement for confidentiality with matters that are commercially sensitive but where the Minister is making key moves under this legislation in respect of making ministerial orders, why would the making of such orders be confidential? I do not understand that as the Minister is acting in trust for the public in matters of great importance.
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