The Seanad has passed emergency legislation giving effect to the €400bn Government guarantee to a range of financial institutions by 39 votes to 5.
The debate in the upper house began at 2.30am this morning, shortly after the Dáil overwhelmingly endorsed the plan.
There were some amendments to the Bill in the Seanad, so it now has to return for final approval in the Dáil when it resumes at 10.30am.
The Bill is expected to be signed into law by President McAleese around lunchtime.
The most important change is a stipulation that any agreement for support of a financial institution would have to be approved by both houses of the Oireachtas.
The Dáil sat until after 2am, the latest sitting in three decades, to debate the legislation, finally backing it by 124 votes to 18, with only Labour opposed.
In the course of the debate, Finance Minister Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of institutions accepting the support. He said the State was gettng deep into the banking system, and must ensure that the taxpayer is protected.
He will also take action to prevent what he called excessive risk taking being rewarded in the remuneration of top executives.
The Minister confirmed the Government will consider applications for inclusion in the scheme from non-Irish banks with a significant retail presence here. Perhaps significantly, the only one he mentioned by name was Ulster Bank.
He told the Seanad that Monday night’s crisis meeting which led to the legislation was requested by the Chief Executives of the two main banks.
The legislation is being amended in the Seanad, so it will have to go back to the Dáil later this morning for final approval.
It is expected to be signed into law by President McAleese around lunchtime.
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