Amendments Nos. 1, 2 and 3 are out of order. We will proceed to amendment No. 4 in the name of the Minister. Recommital is necessary in respect of this amendment as it did not arise from Committee proceedings.
ICC Bank Bill, 2000: Report and Final Stages.
Bill recommitted in respect of amendment No. 4.
I move amendment No. 4:
In page 8, line 58, to delete "Sections 3 to 7" and substitute "Sections 3, 4, 5, and 7".
The effect of the amendment is to remove section 6 of the ICC Bank Act, 1999, from the schedule of repeals to this Bill. The section in question increased the borrowing powers of ACC Bank by amending the Agricultural Credit Act, 1978. I have decided to table this amendment in the interests of clarity and transparency. It will be listed for repeal in the ACC Bank Bill which is currently being drafted and which will be brought before the House early next year. As the section concerns ACC Bank, it is more appropriate to deal with the repeal in legislation dealing with the ACC Bank. In effect, it is a drafting point.
That is reasonable.
Amendment agreed to.
Bill reported with amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
(Dublin West): I want to record my opposition, particularly to section 4 of the Bill which essentially provides for the privatisation of ICC Bank and I put that firmly on the record on Second Stage. I am sorry the Minister is proceeding along these lines and did not accede on Committee Stage to the amendment tabled by Deputy McDowell to delete section 4. It is the flavour of the month among the members of the Government – to deregulate and privatise everything. It will be a disaster.
It is the wishes of the staff.
(Dublin West): It will be a disaster. It is a publicly owned enterprise that properly belongs to the people. The responsibility of Members is to the general public – to working people.
I would like to refer to the Nítrigin Éireann Teoranta Bill, which is at Second Stage, and the outrageous profiteering by the banks at the expense of a public company where £188 million was paid in interest alone on a borrowing of £164 million since 1987. That underlines the need for State banking and State financial institutions so that lending and borrowing can take place at a rate which is not predatory and that the State and semi-State companies are not ripped off by the banks, which they clearly have been as we have seen with Nítrigin Éireann Teoranta. I am vehemently opposed to this Bill and will vote against it.
I would like to say a few brief words because I think we have teased out the issues over a number of Stages and, indeed, when the issue was before the House previously. I was struck that on Second Stage, a number of Deputies from all parties with a background in small business made contributions in which they said how much they valued the role the ICC has played over the years. If anything comes from this whole debate, it must surely be that Government has a continuing role here and, specifically, that that role must be to ensure that facilities are available, whether by venture capital or whatever, to people looking to set up small businesses or people wishing to continue to expand or maintain small businesses, and that that role is fulfilled – ideally, by the ICC. I do not think Government can simply wash its hands of this important element of the way small business works and functions here, and I hope that will not be the intention of Government.
The Minister for Finance, Deputy McCreevy, indicated to us by way of letter that there was an urgency about passing this Bill. If there are any proceedings by a third party to acquire ICC, or part of it, between now and Christmas or, indeed, over the Christmas recess, I expect we will be kept briefed by the Minister and his staff.
I assure the Deputy that will be the case and I thank him for his co-operation throughout.
Question put and agreed to.
(Dublin West): I wish to be recorded as voting against the Bill.
The Bill will be sent to the Seanad.