Brian Lenihan Jnr (Dublin West, Fianna Fail)

I confirm that is the case. When I stated the special manager must act in the best interests of the bank, I meant he or she must act in the best interests of the bank in the context of the legislation rather than in the context of the traditional fiduciary arrangements or Stock Exchange character of the bank. This is made clear by section 20(1) which states: "The special manager of a relevant institution shall take over the management of the business of the relevant institution and shall carry on that business as a going concern with a view to preserving and restoring the financial position of the relevant institution, or the whole or any part of its business, in a manner consistent with the achievement of the purposes of this Act". The purposes of the Bill include the various considerations of the public interest referred to by Senator Donohoe.