Seanad debates
Thursday, 16 December 2010
Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages
2:00 pm
Brian Lenihan Jnr (Dublin West, Fianna Fail)
I am advised that the object is the restoration of the financial position of the institution, not the institution itself. We would all like to see the financial position of the banks restored in that sense. This is a legal issue. I am advised that it is prudent, if we wish to have these orders recognised in other European countries, to have exact correspondence between the phrase used in the Bill and that used in the European Union legal instrument. That is the net issue. It does not give me particular pleasure to have to explain to those who want to mislead on this issue - I do not suggest Senator Donohoe is one of them - that the phrase "and restoration" is used because there might be an implication which would be at variance with the Government's policy which clearly is that the assets of these institutions should be worked out as quickly as possible.
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