Thursday 14 December 2017

Doubts over Lenihan power to reform banks

DoubtS emerged last night over Finance Minister Brian Lenihan's new laws giving him sweeping powers to reform and restructure the banking sector.

Rather than immediately signing the banking legislation, President Mary McAleese called a meeting of her special advisory council to decide if the banking legislation is potentially unconstitutional.

The President has seven days to sign the Credit Institutions (Stabilisation) Bill 2010, which was rushed through the Dail this week, or refer it to the Supreme Court.

She has called for a meeting of the Council of State to be held at Aras an Uachtarain next Tuesday to consult the laws.

It is only the fifth time during the President's two terms in office that she has called on the Council to specifically consider legislation.

Irish Independent

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