This appears to be a fair summary of what the Irish Government will be empowered to do should the bill be passed - not quite nationalisation, but a step in the right direction, should the powers be used sensibly.
Jim Carroll

"THE GOVERNMENT will have far-reaching powers to restructure the banking system, including the ability to force losses on to subordinated bondholders and stop future bonus payments to staff, under a draft law published yesterday.
The sweeping measures will allow the Minister for Finance to transfer loans and deposits out of the lenders in a bid to reduce the size of the banking system.
Special managers can be appointed to a bank by the Minister if it is faced with "an imminent threat" to its stability. They will have powers
to sack directors and overrule share-holders.        
The law will allow the Government to pump further cash into AIB, which has a €9.8 billion capital hole, before the end of the year, effectively nationalising a fourth lender.        
It will also enable the Government to start winding down Anglo Irish Bank and Irish Nationwide Building Society within weeks, paving the way for the transfer of their deposits to a other banks."