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17/10/2008
Dáil Debate Bank Guarantee Scheme
The Dáil will debate the recently revealed details of the bank-deposit guarantee scheme today.
On Wednesday, Brian Cowen revealed details of the proposal, which will mean banks have to pay the Government €1bn over the next two years in return for the Government using taxpayers money to guarantee their accounts.
The Minister for the Finance Brian Lenihan said the new regulations would take the Government deep into the banking system.
The document also contains provisions to prevent abuse of the measure, including the appointment of two directors to represent taxpayer's interests to the board of each bank. A new committee will also be created to oversee bonuses, which will now be linked to risk reduction and long term sustainability, and pay of bank directors and executives.
Fine Gael Finance Spokesman, Richard Bruton, welcomed the scheme and the proposals to appoint State observers to the Risk Assessment Committee of the banks, but said he has concerns about some aspects of the plan.
"It is crucial that this scheme protects the taxpayer effectively. Fine Gael has remaining concerns that need to be thrashed out."
Mr Bruton said that the €1 billion charges being levied on the banks are surprisingly low, being based on an estimate of the higher cost of borrowing for the State rather than the reduced cost to the banks.
The Fine Gael TD also suggested there should be explicit provision for ensuring that credit is extended to enterprises and families in Ireland so that the wheels of the economy can keep turning on the back of this guarantee.
These points and others are expected to be on the agenda at the Daíl debate today.
(DW)
On Wednesday, Brian Cowen revealed details of the proposal, which will mean banks have to pay the Government €1bn over the next two years in return for the Government using taxpayers money to guarantee their accounts.
The Minister for the Finance Brian Lenihan said the new regulations would take the Government deep into the banking system.
The document also contains provisions to prevent abuse of the measure, including the appointment of two directors to represent taxpayer's interests to the board of each bank. A new committee will also be created to oversee bonuses, which will now be linked to risk reduction and long term sustainability, and pay of bank directors and executives.
Fine Gael Finance Spokesman, Richard Bruton, welcomed the scheme and the proposals to appoint State observers to the Risk Assessment Committee of the banks, but said he has concerns about some aspects of the plan.
"It is crucial that this scheme protects the taxpayer effectively. Fine Gael has remaining concerns that need to be thrashed out."
Mr Bruton said that the €1 billion charges being levied on the banks are surprisingly low, being based on an estimate of the higher cost of borrowing for the State rather than the reduced cost to the banks.
The Fine Gael TD also suggested there should be explicit provision for ensuring that credit is extended to enterprises and families in Ireland so that the wheels of the economy can keep turning on the back of this guarantee.
These points and others are expected to be on the agenda at the Daíl debate today.
(DW)
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Fine Gael have urged the Government to recall the Dáil from its break to allow an emergency debate on the bank guarantee. The party's Finance Spokesman Kieran O’Donnell has this morning called for the Oireachtas to cut short its break in order to discuss the banking guarantee, which is set to expire on the same day that the Dáil resumes.
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