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Completing Banking Union

Posted September 30th, 2016

Banking Union in the EU is not just about supervision but it’s also about breaking the link between taxpayers and bank rescues by setting up a mutualised rescue fund – paid in to by the banks.

Recently I moved my first piece of Government legislation on behalf of the Minister for Finance, introducing the Finance (Certain European Union and Intergovernmental Obligations) Bill 2016.

This Bill will provide for a temporary loan from the Government to the rescue fund, to be used only in exceptional circumstances, and only until the rescue fund is fully in place (2024). It also has some measures to deal with white collar crime.

You can watch second stage of the debate here (at 8:13).

Our detailed discussion at committee stage is here.

Report stage sees further debate on amendments in the Dáil chamber here (at 5:13).

We discussed the Bill in the Seanad here (at 2:38) where the process continues, if there are no amendments, the Bill will be enacted.