I understand it is not unusual to have very high authorised share capital, which even the smallest companies have. The Minister of State said it is not proposed to subscribe for any issued capital in the near future. Has this provision been included to get over this problem when the borrowing powers are being increased? Why was the figure of £40 million chosen?
ICC Bank (Amendment) Bill, 1997: Committee and Remaining Stages.
Sections 1 and 2 agreed to.
SECTION 3.
Question proposed: "That section 3 stand part of the Bill."
I thought we might have consulted the Deputy's practice on that matter. As I indicated, the Central Bank requires credit institutions to have sufficient capital to guard against defaults on loans for banks such as ICC Bank and this is set at 10 per cent of risk rates assets. The figure of £40 million matches that reasonably closely.
Question put and agreed to.
SECTION 4.
I move amendment No. 1:
In page 3, line 31, to delete "1993" and substitute "1933".
This amendment corrects a typographical error. Where the words "Acts 1993 to 1997" appear, it should read "Acts 1933 to 1997".
Amendment agreed to.
Section 4, as amended, agreed to.
Section 5 agreed to.
Title agreed to.
Bill reported with amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
This is the last opportunity before the dissolution of the Dáil for me as Opposition spokesman on finance to thank the officials in the Department of Finance for their assistance, co-operation and openness on a range of issues. Perhaps the Minister of State and the officials with him today will convey my thanks to the other officials and the Secretary of the Department.
I wish the Minister of State well in his endeavours to be re-elected. I found him very able and was disappointed he had to step down as a Cabinet Minister in circumstances which I thought peculiar. He made a fine Cabinet Minister and an excellent Minister of State and was very cooperative. While I hope my party gets the majority of seats in Cork South-Central, I hope the Minister of State is returned and I wish him well in the election.
I thank Deputy McCreevy for his co-operation in the passage of this not very exciting but important Bill through the House.
I suppose he is everybody's favourite Opposition Member, always conducting his business in good humour, without taking himself too seriously. He is the absolute opposite of a sanctimonious politician and is greatly admired and liked throughout the country. I wish him success in his endeavours over the next three weeks.
While I hope to be on the Government side of the House facing him, if our worst fears were to befall us, on this side of the House, I hope he will be the next Minister for Finance and an excellent one he would be.
I should also like to be associated with his comments and thanks to officials of my Department who have been of such assistance to me within the short time I have been privileged to serve there.
Question put and agreed to.
In accordance with the Order of the House of today, the sitting is now suspended until 11.45 a.m.
Sitting suspended at 11.28 a.m. and resumed at 11.45 a.m.