'Stabilisation' act a threat to democracy
We enter the new year with the burden of The Credit Institutions (Stabilisation) Act 2010, the single most disproportionate and oppressive piece of financial legislation ever enacted by an Irish government.
It was rushed through the Oireachtas without adequate scrutiny or substantive debate. The decision by the President to refer it to the Council of State, together with the public reservations expressed by the European Central Bank (ECB), reflects the threat that this legislation now poses.
This is a threat, not alone to commercial practice -- and the international standing of Ireland's financial sector -- but also to our democratic institutions.