Seanad debates

Thursday, 16 December 2010

I refer briefly to the manner in which the Credit Institutions (Stabilisation) Bill 2010 is being dealt with by the Houses, given that it has been ordered for today in this House. Does the Leader agree it is extraordinary that, after many months of debate, argument and concern about the banking system and the wider economic crisis caused in the main by the banking crisis, only now are we debating the issues contained in this Bill and the mechanisms that need to be put in place? There is no question that many of the items in the Bill are necessary but they were necessary months if not years ago. Looking at the explanatory memorandum which lays out the different issues that form the basis of this Bill, one could not disagree about the need for legislation on any one of them. However, what happened? We have had two years of the most torrid revelations, controversy, argument and so on yet have none of the legislation we need. In its dying days this Government published the Bill on a Tuesday, brought it to the Dáil and passed it on a Wednesday, will introduce it to the Seanad on a Thursday and wants it to be passed. Three days are awarded for public debate on the Bill.

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