Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank everyone who contributed to the debate. I appreciate that the hour is late and the time limited. I ask Deputies one question initially. Did they ever hear of a liquidation that was announced on one day and not implemented for several days or weeks? Are all liquidations not announced when the liquidator has moved in? Is it not simple to understand why that is? If that is not done, creditors will line up to strip the company of everything they can lay hands on and debtors will refuse to pay a penny because they know the company is going into liquidation.

The assets of IBRC, which are the assets of the people of Ireland, are worth between €12 billion and €14 billion. As soon as credible information was circulated by international agencies this afternoon and the Government and I were not in a position to deny that the Government was planning to liquidate IBRC we had to act. Of course, we were not in a position to deny it because, as many Deputies have said, it is obvious that the legislation was not drafted this afternoon but has been prepared for some time. We had to move.

Under the Anglo Irish Bank Corporation Act, at 4 o'clock this afternoon we put in a representative of KPMG to take over all the powers of the board of the IBRC and secure the assets, which are in Dublin, London and New York. The assets were moved on immediately and security was put in place to secure them on behalf of the State. Tonight, we are taking the same nominee of KPMG and giving him a stronger legal basis by giving him powers under the special liquidation.

To anyone who has worries about this, I suggest that we not concentrate so much on the detail but look on the purpose.

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