Fiona O'Malley (Independent)

That is the reason I wanted to make a contribution. I also found very valid points in Senator Donohoe's contribution. It would be very useful to get a good debate going on Committee Stage about the provisions contained in the Bill. I particularly wanted to echo the questions put by both Senators White and Donohoe, especially that of Senator White concerning preparation in the legislation of a provision for default. The Minister of State, Deputy Mansergh, has the assistance of his experts. What would be the consequences or what would the Minister of State understand to be the consequences of providing for a default provision within the legislation? Senator MacSharry made the point that that was what got us into trouble and that any notion of a level of ambiguity in this area is what made the markets go wild. The one thing we need is security. Is this a reason there is no such provision? I would be interested to hear an answer.

Equally, the point Senator Donohoe made about section 4 was very valid. He asked whether we really wanted to restore Anglo Irish Bank to what it was. I am interested in that because I believe what the Government has been trying to do is to move towards an organised wind down. I am sure the intention is not to bring back Anglo Irish Bank to its previous position. Senator Donohoe's point requires some clarification. Why is this mentioned in the section? Like him, I would be surprised to find that to be a purpose of the Bill. Some clarification is required.

I agree with the point made about constitutionality. This is very tricky and complex legislation. It is a fair point that we may not have enough time to go through the complexities as we would all wish to do. As with other legislation we may find it will run into trouble.

As I understand it, the Government is not in a position to advise the President to call the Council of State but I would hope the President might be inclined to do so. It is the type of legislation that needs to be solidly and rigorously - what would one say-----