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Dáil Éireann debate -
Friday, 7 Jul 1995

Vol. 455 No. 6

Netting of Financial Contracts Bill, 1995: Committee and Remaining Stages.


I move amendment No. 1:

In page 4, line 20, to delete "the contracts as" and substitute "contracts".

The purpose of the amendment is to make explicit where a guarantee is given to a netting or a master netting agreement in relation to that party's potential liabilities under such agreements, that the guarantee can be called as soon as any such liabilities arise, that is, that the provisions of examinership which stay proceedings in relation to guarantees will not apply.

To ensure this, it is necessary to clarify the definition of netting and master netting agreements. Amendments Nos. 2, 3, 4 and 5 deal with this. It is also necessary to clarify disapplication provided for under section — 4 — (1) (a) and (b). Amendments Nos. 6 and 7 deal with this. The purpose of the amendments is to improve the Bill and clarify some sections which, perhaps, were not as tight as they might have been when first drafted.

I take the Minister's word.

As it is now 12 noon I am required to put the following question in accordance with the order of the Dáil: "That the amendments set down by the Taoiseach and not disposed of are hereby made to the Bill; that in respect of each of the sections undisposed of the section or, as appropriate the section as amended, is hereby agreed to in Committee; that the Title is hereby agreed to in Committee and the Bill is accordingly reported to the House; Fourth Stage is hereby completed and the Bill is hereby passed".

Question put and agreed to.