Seanad debates

Thursday, 16 December 2010

Credit Institutions (Stabilisation) Bill 2010: Committee and Remaining Stages

 

3:00 pm

Photo of Joe O'TooleJoe O'Toole (Independent)

No. The Minister is giving power to do all of these things and this amendment seems to be supporting that, in other words, by taking a catch-all clause out of it to undermine the Minister's powers after the Minister had given himself all of these powers. The Bill provides, "(including, without prejudice to the generality of the foregoing," the Minister can make a specified alteration, including an alternation of the rights of shareholders. Can the Minister do this?

The Companies Act 1990 is one of the Acts mentioned. I have not bothered to go back to look at it. I would not be able to find it in that Act, it is such a big one anyway. The Minister is asking us to do things here with which I am deeply uncomfortable even though I see his objective. Can we, in fact, pass this?

If the Minister's answer to all of those questions is "yes", can he then explain why he cannot accept Senator Donohoe's amendment because it seems to give the Minister that power, or else it is reflecting in the Minister's mind a doubt that he can really do all that he stated earlier?

I hope I make some sense to the Minister on this. It is quite difficult to read some of the sentences in that section.

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