Ciarán Cannon (Galway East, Fine Gael)

I again stress I am limited in what I can say about this case given the degree of confidentiality that exists. I reiterate the points made. The company that is being closed by the owner has no borrowings that are NAMA-controlled. The company is not a NAMA debtor and the money referred to in reports, the €2.5 million mentioned by the Deputy, represents part-security NAMA holds for a loan in respect of other companies that are NAMA debtors. I cannot see the logic, therefore, in suggesting that money set aside for debts that apply to a certain number of companies under NAMA control, and which we should seek to protect in the best interests of the taxpayer, should be used to discharge the personal liability of the owner of a company to his employees.

I have sympathy for the employees who will lose their jobs at a difficult time. However, I cannot see how money, held in security for debts controlled by NAMA in the interests of the taxpayer, could be used to offset the company owner's debts to those employees.

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