Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Section 1 is the interpretation section and given the guillotine this may well be the last chance we have to raise any issues. I have several questions for the Minister. In his response to the Second Stage debate he made the point quite strongly this is about protecting the interests of the State and that IBRC has assets of a value of between €12 billion and €14 billion. Tonight he stated security has been put on a number of these assets. Will the Minister clarify the threat to the assets of IBRC and therefore explain once again the requirement for the urgency of this Bill? The most recently published balance sheet of IBRC shows its assets and liabilities, and I ask the Minister to explain the need for overnight security and emphasising the urgency of this legislation being passed before people with a commercial interest in it not being passed have an opportunity to challenge it in the courts.

Will the Minister give further reassurance to the staff of IBRC? What will happen to them tomorrow morning? Legally, their contract of employment will have been terminated on the appointment of special liquidator. Are they to turn up to work tomorrow? Will there be a staff meeting tomorrow? Clearly they have received no information. They have been reading the leaks that have been coming out all day. These are people with families, mortgages and commitments and they deserve to be treated with a degree of dignity and respect. Will the Minister tell us what lies before them tomorrow as they try to pick up the pieces from the shattering news they faced tonight that their jobs are gone?

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