Gilmore challenges Government decision to extend bank guarantee scheme indefinitely

Posted on June 23, 2009 at 07:12 PM

Leaders' Questions this afternoon centered again on the Bank Guarantee Scheme when the Labour Leader Eamon Gilmore TD challenged the Government's decision to extend the bank guarantee indefinitely.

Eamon said: "Buried away in part of schedule 2 of the bill (the Financial Measures Misc Provisions Bill which is being discussed in the Dáil this evening) is an amendment to the legislation which brought in the bank guarantee scheme. That amendment lifts the two year time limit on the scheme and gives power to the Minister for Finance to extend the guarantee by Ministerial Order for any period of time."

He went on to describe the guarantee scheme as a 'disaster to the taxpayer'.

Eamon added: "Not only has the Government introduced this far reaching measure in an underhand way and slipped it into the schedule of a rather technical bill but they want to take all stages of this bill tonight.

"For how long more does the Government intend to extend the bank guarantee scheme beyond September 2010?

"Why is this being done in such a rush?

"Will he now agree to withdraw this section and allow the House to have a proper considered debate?

You can view Eamon's contribution on the You Tube video while the full debate will be available on the Oireachtas website.

What do you think of this amendment? Do let us know in the comments section below.

Tagged with Finance • banks