McAleese signs banking bill after meeting

CONTROVERSIAL banking legislation which critics claim could expose the taxpayer to billions of euro more debt has been signed into law by President Mary McAleese.

In a surprise move, Mrs McAleese has decided not to send the Credit Institutions (Stabilisation) Bill 2010 to the Supreme Court for a ruling on its constitutionality.

The bill — which was the subject of just a four-hour Dáil debate last week leading to claims it had been deliberately rushed past TDs who narrowly voted in its favour — gives significant new financial sector powers to Finance Minister Brian Lenihan.