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 Header Item Order of Business (Continued)
 Header Item Credit Institutions (Stabilisation) Act 2010: Motion

Friday, 14 December 2012

Dáil Éireann Debate
Vol. 786 No. 4

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Question put: "That the proposal for dealing with No. 4 be agreed to."

The Dáil divided: Tá, 66; Níl, 38.

Níl
Information on James Bannon  Zoom on James Bannon  Bannon, James. Information on Gerry Adams  Zoom on Gerry Adams  Adams, Gerry.
Information on Pat Breen  Zoom on Pat Breen  Breen, Pat. Information on Thomas P. Broughan  Zoom on Thomas P. Broughan  Broughan, Thomas P.
Information on Ray Butler  Zoom on Ray Butler  Butler, Ray. Information on John Browne  Zoom on John Browne  Browne, John.
Information on Jerry Buttimer  Zoom on Jerry Buttimer  Buttimer, Jerry. Information on Dara Calleary  Zoom on Dara Calleary  Calleary, Dara.
Information on Catherine Byrne  Zoom on Catherine Byrne  Byrne, Catherine. Information on Joan Collins  Zoom on Joan Collins  Collins, Joan.
Information on Eric J. Byrne  Zoom on Eric J. Byrne  Byrne, Eric. Information on Niall Collins  Zoom on Niall Collins  Collins, Niall.
Information on Joe Carey  Zoom on Joe Carey  Carey, Joe. Information on Michael Colreavy  Zoom on Michael Colreavy  Colreavy, Michael.
Information on Paudie Coffey  Zoom on Paudie Coffey  Coffey, Paudie. Information on Barry Cowen  Zoom on Barry Cowen  Cowen, Barry.
Information on Michael Conaghan  Zoom on Michael Conaghan  Conaghan, Michael. Information on Seán Crowe  Zoom on Seán Crowe  Crowe, Seán.
Information on Sean Conlan  Zoom on Sean Conlan  Conlan, Seán. Information on Clare Daly  Zoom on Clare Daly  Daly, Clare.
Information on Paul Connaughton  Zoom on Paul Connaughton  Connaughton, Paul J. Information on Pearse Doherty  Zoom on Pearse Doherty  Doherty, Pearse.
Information on Ciara Conway  Zoom on Ciara Conway  Conway, Ciara. Information on Timmy Dooley  Zoom on Timmy Dooley  Dooley, Timmy.
Information on Noel Coonan  Zoom on Noel Coonan  Coonan, Noel. Information on Dessie Ellis  Zoom on Dessie Ellis  Ellis, Dessie.
Information on Simon Coveney  Zoom on Simon Coveney  Coveney, Simon. Information on Noel Grealish  Zoom on Noel Grealish  Grealish, Noel.
Information on Michael Creed  Zoom on Michael Creed  Creed, Michael. Information on John Halligan  Zoom on John Halligan  Halligan, John.
Information on Jim Daly  Zoom on Jim Daly  Daly, Jim. Information on Seamus Healy  Zoom on Seamus Healy  Healy, Seamus.
Information on Jimmy Deenihan  Zoom on Jimmy Deenihan  Deenihan, Jimmy. Information on Joe Higgins  Zoom on Joe Higgins  Higgins, Joe.
Information on Patrick Deering  Zoom on Patrick Deering  Deering, Pat. Information on Billy Kelleher  Zoom on Billy Kelleher  Kelleher, Billy.
Information on Regina Doherty  Zoom on Regina Doherty  Doherty, Regina. Information on Michael Kitt  Zoom on Michael Kitt  Kitt, Michael P.
Information on Paschal Donohoe  Zoom on Paschal Donohoe  Donohoe, Paschal. Information on Pádraig MacLochlainn  Zoom on Pádraig MacLochlainn  Mac Lochlainn, Pádraig.
Information on Damien English  Zoom on Damien English  English, Damien. Information on Mary Lou McDonald  Zoom on Mary Lou McDonald  McDonald, Mary Lou.
Information on Frank Feighan  Zoom on Frank Feighan  Feighan, Frank. Information on Finian McGrath  Zoom on Finian McGrath  McGrath, Finian.
Information on Charles Flanagan  Zoom on Charles Flanagan  Flanagan, Charles. Information on Michael McGrath  Zoom on Michael McGrath  McGrath, Michael.
Information on Brendan Griffin  Zoom on Brendan Griffin  Griffin, Brendan. Information on Sandra McLellan  Zoom on Sandra McLellan  McLellan, Sandra.
Information on Noel Harrington  Zoom on Noel Harrington  Harrington, Noel. Information on Micheál Martin  Zoom on Micheál Martin  Martin, Micheál.
Information on Simon Harris  Zoom on Simon Harris  Harris, Simon. Information on Caoimhghín Ó Caoláin  Zoom on Caoimhghín Ó Caoláin  Ó Caoláin, Caoimhghín.
Information on Brian Hayes  Zoom on Brian Hayes  Hayes, Brian. Information on Éamon Ó Cuív  Zoom on Éamon Ó Cuív  Ó Cuív, Éamon.
Information on Tom Hayes  Zoom on Tom Hayes  Hayes, Tom. Information on Seán Ó Fearghaíl  Zoom on Seán Ó Fearghaíl  Ó Fearghaíl, Seán.
Information on Martin Heydon  Zoom on Martin Heydon  Heydon, Martin. Information on Aengus Ó Snodaigh  Zoom on Aengus Ó Snodaigh  Ó Snodaigh, Aengus.
Information on Phil Hogan  Zoom on Phil Hogan  Hogan, Phil. Information on Jonathan O'Brien  Zoom on Jonathan O'Brien  O'Brien, Jonathan.
Information on Heather Humphreys  Zoom on Heather Humphreys  Humphreys, Heather. Information on Willie O'Dea  Zoom on Willie O'Dea  O'Dea, Willie.
Information on Derek Keating  Zoom on Derek Keating  Keating, Derek. Information on Maureen O'Sullivan  Zoom on Maureen O'Sullivan  O'Sullivan, Maureen.
Information on Paul Kehoe  Zoom on Paul Kehoe  Kehoe, Paul. Information on Shane P.N. Ross  Zoom on Shane P.N. Ross  Ross, Shane.
Information on Seán Kyne  Zoom on Seán Kyne  Kyne, Seán. Information on Brendan Smith  Zoom on Brendan Smith  Smith, Brendan.
Information on John Lyons  Zoom on John Lyons  Lyons, John. Information on Brian Stanley  Zoom on Brian Stanley  Stanley, Brian.
Information on Michael McCarthy  Zoom on Michael McCarthy  McCarthy, Michael. Information on Peadar Tóibín  Zoom on Peadar Tóibín  Tóibín, Peadar.
Information on Dinny McGinley  Zoom on Dinny McGinley  McGinley, Dinny. Information on Robert Troy  Zoom on Robert Troy  Troy, Robert.
Information on Tony McLoughlin  Zoom on Tony McLoughlin  McLoughlin, Tony. Information on Mick Wallace  Zoom on Mick Wallace  Wallace, Mick.
Information on Eamonn Maloney  Zoom on Eamonn Maloney  Maloney, Eamonn.  
Information on Peter Mathews  Zoom on Peter Mathews  Mathews, Peter.  
Information on Olivia Mitchell  Zoom on Olivia Mitchell  Mitchell, Olivia.  
Information on Mary Mitchell O'Connor  Zoom on Mary Mitchell O'Connor  Mitchell O'Connor, Mary.  
Information on Dara Murphy  Zoom on Dara Murphy  Murphy, Dara.  
Information on Eoghan Murphy  Zoom on Eoghan Murphy  Murphy, Eoghan.  
Information on Gerald Nash  Zoom on Gerald Nash  Nash, Gerald.  
Information on Dan Neville  Zoom on Dan Neville  Neville, Dan.  
Information on Derek Nolan  Zoom on Derek Nolan  Nolan, Derek.  
Information on Aodhán Ó Ríordáin  Zoom on Aodhán Ó Ríordáin  Ó Ríordáin, Aodhán.  
Information on Kieran O'Donnell  Zoom on Kieran O'Donnell  O'Donnell, Kieran.  
Information on Patrick O'Donovan  Zoom on Patrick O'Donovan  O'Donovan, Patrick.  
Information on John O'Mahony  Zoom on John O'Mahony  O'Mahony, John.  
Information on Joe O'Reilly  Zoom on Joe O'Reilly  O'Reilly, Joe.  
Information on John Perry  Zoom on John Perry  Perry, John.  
Information on Ann Phelan  Zoom on Ann Phelan  Phelan, Ann.  
Information on John Paul Phelan  Zoom on John Paul Phelan  Phelan, John Paul.  
Information on Pat Rabbitte  Zoom on Pat Rabbitte  Rabbitte, Pat.  
Information on James Reilly  Zoom on James Reilly  Reilly, James.  
Information on Michael Ring  Zoom on Michael Ring  Ring, Michael.  
Information on Brendan Ryan  Zoom on Brendan Ryan  Ryan, Brendan.  
Information on Arthur Spring  Zoom on Arthur Spring  Spring, Arthur.  
Information on David Stanton  Zoom on David Stanton  Stanton, David.  
Information on Billy Timmins  Zoom on Billy Timmins  Timmins, Billy.  
Information on Joanna Tuffy  Zoom on Joanna Tuffy  Tuffy, Joanna.  
Information on Liam Twomey  Zoom on Liam Twomey  Twomey, Liam.  
Information on Jack Wall  Zoom on Jack Wall  Wall, Jack.  
Information on Brian Walsh  Zoom on Brian Walsh  Walsh, Brian.  

Tellers: Tá, Deputies Paul Kehoe and John Lyons; Níl, Deputies Seán Ó Fearghaíl and Aengus Ó Snodaigh.

Question declared carried.

Credit Institutions (Stabilisation) Act 2010: Motion

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I move:

That Dáil Éireann resolves for the purposes of section 69 of the Credit Institutions (Stabilisation) Act 2010, that with effect as on and from the date of this Resolution, in subsection (1) of the said section 69 for the words '31 December 2012' there shall be substituted the words '31 December 2014'."

The motion before the House seeks to have the period of effectiveness of the Credit Institutions (Stabilisation) Act 2010, known as CISA, extended for a period of 24 months up to 31 December 2014. Section 69 of the Act provides that the Act, other than sections 51 and 67, will cease to have effect on 31 December 2012 or a later date substituted by resolution of both Houses of the Oireachtas. The motion, accordingly, seeks to substitute "31 December 2014" for "31 December 2012".

  For the benefit of the House, I will set out the background to the need for CISA. The rationale for the CISA legislation is expressed in the detailed set of recitals included in the Act. They highlight the adverse impact of the banking crisis on the economy and the need in the public interest for strong powers to resolve the threat to the stability of the financial system generally. The Preamble to the Act also stresses the necessity for the functions and powers provided under the Act to reorganise the guaranteed domestic credit institutions in the context of the National Recovery Plan 2011-2014 and the European Union-IMF programme of support for Ireland. The Preamble also reiterates the basic justification for the very substantial financial support provided by the State for the banking system. This is to make certain that these institutions continue to meet their financial and regulatory obligations in order to maintain public confidence in the banking system and, in particular, the security of deposits. The banking system and the economy have faced and continue to face extraordinary and exceptional challenges. There is a strong public interest in the continued availability of the extensive ministerial powers included in the Act, the details of which I will outline to the House.

  The House is aware that CISA provides broad powers for the Minister for Finance to act on financial stability grounds to effect swift restructuring actions and recapitalisation measures as envisaged in the programme agreed with the external authorities. The purpose of the bank restructuring measures set out in the joint programme is to ensure the sector is proportionate to the size and credit needs of the economy.


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