Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank all Senators for their contributions and I will take on board the points made between now and the debate on Committee Stage. This is a very simple Bill that makes provision for transfers of the ICS Building Society to Bank of Ireland under Part 3 of the Central Bank Act 1971. The transfers are to licensed banks and, because licensed banks are fully regulated, it does not empower anyone to transfer to non-licensed banks. It is not a case of funds of various sorts acquiring mortgage books. It is relevant for the purposes of the debate but there is no provision to that effect in the Bill. Many of the questions raised by Senator Gilroy are more appropriate to Committee Stage because they are detailed. I will take up these points on Committee Stage.