‘The Government has decided either through the National Pensions Reserve Fund or otherwise and subject to terms and conditions, to support, alongside existing [bank] shareholders and private investors, a recapitalisation programme for credit institutions in Ireland of up to €10 billion.’
‘The State’s investment may take the form of preference shares and/or ordinary shares and the State may where appropriate participate on an underwriting basis. In principle existing shareholders will be expected to have the right to subscribe for new capital on the same terms as the Government.’
This is possibly the vaguest idea I have heard from a government in a long time, but in a sense that’s to be expected. After all, the details of such a rescue plan (and let’s face it, that’s what it is) should be hammered out by our parliamentarians.
So what did the Dail have to say today about this plan, announced over the weekend on a government website? Nothing. The Dáil won’t get back from it’s weekend break until tomorrow.
It will then meet for three days, before taking a forty day break for Christmas.
In fairness, the Seanad will also meet on Friday.
Not that there’s a rush or anything.