Will the Minister respond to questions on the business expansion scheme put to him on Second Stage and to which he did not reply?
ICC Bank (Amendment) Bill, 1997: Committee and Final Stages.
Section 1 agreed to.
SECTION 2.
Question proposed: "That section 2 stand part of the Bill."
The Senator raised an array of different issues concerning the BES which apply to all the institutions, such as the issues of transparency and making the cost clear. It would be contradictory and I would be following into the trap the Senator accused me of following into, of forcing a commercial player, because if the nature of its ownership, to behave in a non-commercial way relative to other institutions or funds which are behaving in a similar fashion and who retain for themselves the advantages which the Senator wishes me to remove from the bank. There is a need for the Director of Consumer Affairs, the Central Bank or the Department of Finance, acting with the Department of Enterprises and Employment, to require and demand that the full costs of the BES and associated fees and commissions are made clear to all prospective investors.
Six or seven weeks ago, under the powers he was given in consumer affairs protection legislations, the Director of Consumer Affairs, Mr. Fagan, directed all mortgage lenders to state in a clear and understandable manner the precise costs and implications of the loans they offered. That kind of market information is always welcome and I will look at how it can be done. However, to specifically direct one institution to so do while the others would not operate under the same obligation would be an incorrect intervention.
I accept what the Minister has said that all institutions should operate under the same rules. I brought this to his attention because it is directly under his control. The Minister would agree there is a flaw, a lack of transparency across the board. He may have answered this already but would he consider directing all banks to be transparent in this area so that everyone can see what is being charged?
I will raise this with the Director of Consumer Affairs and see if he has the remit-to so do. I do not know whether it is my responsibility or that of the Minister for Enterprise and Employment. I have no problem with the principle of the Senator's proposition.
I would not like the impression to go from this House that the ICC is a Mickey Mouse bank run by Mickey Mouse people. Its directors have been careful in their management of the funds allotted to them and their funding of companies. They have done much for commercial enterprises in Kilkenny and the South East. The returns are there in terms of jobs created. Senator Ross should not brand the bank as being run by Mickey Mouse people. That is a disgraceful assertion and he should withdraw it. Whether the directors are political or party political appointees, many of them have good commercial backgrounds. I do not know who appointed many of them but they have done a good job.
We are not talking about Mickey Mouse money. We are increasing the borrowing powers of the ICC to allow it become more competitive in the marketplace. That is necessary.
Senator Lanigan is playing one of his old political tricks to which I have become accustomed. I have to correct the Senator. I said this was a Mickey Mouse bank whose directors were political appointees. I did not say they were Mickey Mouse people. I said they were not qualified to be on the board because they were appointed for political not commercial reasons. The Senator should withdraw his accusation because he got it wrong.
An Leas-Chathaoirleach
Both Senators have made their positions clear.
Question put and agreed to.
Sections 3 to 5, inclusive, agreed to.
Title agreed to.
Bill reported without amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
I thank the Minister for Finance for bringing this Bill before the House today. I wish him good luck in his election campaign. I have no doubt he will be returned and will spend many more years as Minister for Finance.
What about a Fine Gael Minister for Finance?
I thank the Opposition for its co-operation in passing the Bill. I also thank its Members for their courtesy and help during my tenure as Government Whip for the past few months. It was greatly appreciated, as was the co-operation of the Independent Members.
I thank the Members for their contributions to the debate. As was evident today and despite the exigencies of time, I have always found debate in the Seanad to be such that I am unable to remain silent but must respond to the contributions. With regard to Senator Ross's observation on the prospect of a future Fine Gael Minister for Finance, he had his chance but he left the party.
I know.
Question put and agreed to.