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

I realise the difficulties for the staff. The legal position is as I outlined in my introductory remarks. The liquidator will require the specialist expertise of the staff who are familiar with the portfolios within the banks and they will be hired on a contract basis by the liquidator. As well as that, in running down certain portfolios, NAMA will be recruiting from the staff who have been dealing with the deleveraging of portfolios in the bank. I cannot offer any more comfort than that. I would expect the majority of staff to be re-employed for significant periods and that will give them an opportunity to decide their futures. These are very skilled people and the financial services industry is one of the industries in the State that has been going well, with strong inward investment. I expect people with that level of expertise who have done a very good job in IBRC and Anglo Irish Bank, and who bear no responsibility whatsoever for anything that has happened, will find employment.

Many of them will be employed, either by the liquidator or by NAMA, in the course of the next few weeks.

If the House sees fit to pass this legislation tonight - the President, as one Member stated, is returning to sign the legislation - the legal mandate of the person who is already in situwill change to special liquidator. As I have said, he and his staff have taken over the premises in Dublin - the House will be aware that there are two - the premises in London and the premises in New York, and he has secured them with security staff.

As I stated, we would prefer if we were doing everything together but, because of the situation, we cannot give notice of a liquidation, or not deny a liquidation and then stand back from it without taking action. I commend the Bill to the House.

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