The section provides that if the Minister wishes to use any more of the local loans fund it will come before the House. Does this mean that a separate Act will be required, or will it be done by way of regulation or by Statutory Instrument?
SECTION 2.
Question proposed: "That section 2 stand part of the Bill".
It will require a positive order of the House. Normally regulations are laid in front of the House, and if not rescinded they are deemed to have been passed. We have reversed this in this instance to make it a positive order. We debated this at Cabinet, and the decision emanated from Cabinet. As I am still within the constraints of confidentiality, I cannot disclose the feelings expressed on the matter, but the decision of the Cabinet was that it should be a requirement that any future Minister for Finance should get an affirmative order of assent from the Oireachtas to raise additional moneys in this way.
In this new era of openness, transparency and accountability, how can I disagree with the Minister?
Indeed. That is what it means.
There is no provision for an order in the section, so presumably it would be by way of resolution?
Yes. All legislation has associated regulations. To implement section 2(b), the regulation would require a positive affirmative order of the House.
On this occasion, the special purpose vehicle will raise £200 million through 1995 and 1996, assuming it will all be paid by the end of next year. Where is this aspect covered in the Bill, or does it need to be covered? Section 2(a) provides that the Bill shall apply for the purpose of financing equal treatment. Does that cover all such treatment now and in the future?
No. We will deal with the SPV later.
Question put and agreed to.