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Mess on Strategic “Bank” a result of rushed legislation - Doherty

6 January, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the concerns of Central Bank Governor Patrick Honohan, revealed in today’s press regarding the strategic banking corporation, were caused by rushed legislation.

Deputy Doherty pointed out that in the Dáil a Sinn Féin amendment, which would have compelled the new body to apply for a banking licence, wasn’t even discussed because of a guillotine while in the Seanad the amendment was voted down.

He said;

“When the Bill creating the Strategic Banking Corporation was brought before the Oireachtas, Sinn Féin pointed out that it was being rushed through without adequate time for scrutiny. It took only one week from the day it was moved at Second Stage until it was passed by the Seanad.

“I pointed out the inadequacy of the time allowed but as usual the government steamrolled the Bill through. Opposition amendments had to be tabled within hours of the Bill being published and before we heard the Minister speak on the Bill.

“Considering that the commitment to create a State Bank goes back to 2011, there is no excuse for the rushing through of this legislation that we now know caused such consternation at the Central Bank. Comments made by Central Bank governor Patrick Honohan today revealed how little thought was given on the issue of a banking licence.

“Sinn Féin tabled an amendment in both Dáil and Seanad to force the Minister to apply for a banking licence. This was not even debated ion the Dáil before the debate was guillotined while in the Seanad Senator Kathryn Reilly’s amendment was voted down.”

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