This section relates to the definition of a payments system. The Irish Bankers' Federation consider the section too widely drawn. Under the current definition an internal clearing system in a banking group would be included. I am sure the Department of Finance has received representations on the matter. The IBF suggested an amendment to correct what it considers too wide a definition.
SECTION 5.
Question proposed: "That section 5 stand part of the Bill."
I understand the Department had discussions with the IBF on the point raised by Deputy McCreevy. The agreed amendment to deal with the issue is amendment No. 5 to section 17.
Question put and agreed to.