Kathryn Reilly (Sinn Fein) | Oireachtas source

I move amendment No. 1:

In page 3, between lines 18 and 19, to insert the following:"2. Following the passing of this Act the Minister for Finance shall each month report to the Houses of the Oireachtas on progress made on the direct retroactive recapitalisation of the capital injected by the State in the Irish banking system as per the Direct Recapitalisation Instrument.".

I welcome the Minister, Deputy Michael Noonan, to the House. This amendment does not seek to tie the Minister to any timeframe in which to apply for retroactive capitalisation on banking debt, but it does oblige him to report to the Houses of the Oireachtas each month on progress in that regard. Given the large sums of money involved, it is important that there be a requirement for regular reporting on this issue. Without tying his hands, the provision places an onus on the Minister to progress the issue and ensure both Dáil and Seanad are kept abreast of that progress. Given the potential benefits arising from these measures, this is an apt provision.