Chancellor of the Exchequer, George Osbourne, introduced the second reading of the Loans to Ireland Bill in the House of Commons on Wednesday 15 December 2010. The Bill passed by 523 votes to 7. The Bill was then considered in Committee of the Whole House and received third reading. The Bill will now be considered by the House of Lords on Tuesday 21 December.
On occasion, important Government Bills may receive their second and third reading on the same day in the House of Commons. The main Commons stages are passed within one day, although these Bills are not always similarly fast-tracked through the House of Lords.
Summary of the Bill
The Bill authorises the Treasury to loan up to £3.25bn to Ireland, and contains an order-making power to increase this limit subject to affirmative procedure in the Commons.
It also arranges for six-monthly reporting to Parliament on the status of the loan.