Paschal Donohoe (Fine Gael)

Is much of that guidance not already laid out in the Central Bank Reform Act 2010, which specifies the role of the Central Bank and other regulatory bodies in our financial and banking systems? During the debate on that Bill we discussed setting up the Central Bank Commission. The section uses the phrase "to govern the relationship between the Minister and the Governor [of the Central Bank]". In a number of years when the wisdom of this time has been forgotten, we might find ourselves in a similar situation again - I hope it never happens and if it does it is less serious. A future Minister might be dealing with a particular bank and there might be some allegation of intimacy between that bank and the party that is in government, but a decision would then be made. Does having such a section in place not create the capacity for some form of guidance or if not the capacity the perception that it will be happening?

I am mystified by a point the Minister made and want to explore it further. If the Minister knows that the permanent legislation that will follow this temporary legislation will have the Governor discharging the responsibilities outlined in the Bill, why does the temporary legislation provide that the Minister for Finance should do it?