Joe O'Toole (Independent)

The amendment needs to be taken in the context of the entire section. Section 7(4) appears to be contradictory to section 7(1)(a) - assuming that somebody can understand section 7(1)(a). First, I will explain my understanding of that subsection and then explain how the amendment fits into that. Section 7(1)(a) provides that "the Minister may make a proposed direction order proposing that a relevant institution be directed to take ... or refrain from taking". The amendment seeks to delete words that seem to contradict that. Section 7(4) states "unless the relevant institution concerned consents to the making of a direction order". However, we have already said that it needs to put up with it - put up or shut up - but we are now saying unless it disagrees. There is a clear conflict.

Certain writers have been famous for their periodic sentences, which go on for line after line making it difficult to work out what they mean. However, my reading of that section makes it clear that there is a conflict. Section 7(1)(a) also provides that the Minister may make an order notwithstanding any statutory or contractual pre-emption rights. I am reading it differently from how it is written in the Bill to try to make English of it. It is also notwithstanding the listing rules of a regulated market or the rules of any other market on which the shares of the relevant institution may be traded from time to time. Some of those might not be Irish because banks might be dealing with various kinds of issuers. Are we just talking about Irish-based issuers on the Irish Stock Exchange? Irish bank shares are also listed on the London Stock Exchange. Is the Minister asking us to agree that he can make an order notwithstanding any of listing rules of the market regulated by the London Stock Exchange? If so, I have a problem with it. However, this seems to be contradicted elsewhere in the section.

Section 7(1)(b) refers to de-listing, with which I do not have a problem. However, I do not understand what "another multilateral trading facility" means.

Is this over-the-counter share trading or what? If it is OTC type trading, is it like National Toll Roads, for instance, which is not listed but in whose shares one can deal? Is it that kind of system where one deals directly with stock brokers without them being listed in a company, or what is the issue with those?

On another point, under subsection (1)(d), the Minister can then make an order "making a specified alteration to the relevant institution's memorandum of association and articles of association". We are passing legislation that undermines entire Acts. Maybe that is the case. Is the Minister sure he has dotted all the i's and crossed all the t's?

That paragraph goes on to state "(including, without prejudice to the generality of the foregoing,". Is there somebody who can tell me what that means? I do not know what "foregoing" we are talking about there. Is it the foregoing of the paragraph, of the subsection, of the section or of the Bill?