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

In the first instance, Deputy Doherty's question refers to section 1 - the interpretation section - and asks me to define "security". On page 6 of the Bill it is already defined. It states:

"security" includes -(a) a charge,

(b) a guarantee, indemnity or surety,

(c) a right of set-off,

(d) a debenture,

(e) a bill or exchange,

(f) collateral,

(h) any other means of securing -

(i) the payment of debt, or

(ii) the discharge of performance of an obligation or liability,

and

(i) any other agreement or arrangement having a similar effect;

In this context, "security" refers to security provided primarily to the Central Bank by Anglo Irish Bank or its successor IBRC.

Deputy Michael McGrath's question concerned the threat to the assets. I am aware of no specific threat. From his former profession, however, I would say he is well aware of what happens on liquidation and if there is any indication in advance that a liquidation may occur. I want to ensure that nobody who has a commercial interest one way or another, can move into the High Court in the morning - either here or into the courts in London - and try to prevent or challenge what I did in the afternoon.

As regards the power under the special liquidator, the legal mandate is stronger than the legal mandate under the Anglo Irish Bank legislation, which I used this afternoon to secure the assets in the first instance.

As for the staff, we all share the concern about the staff. When the representative of KPMG moved in to the IBRC this afternoon, there was some communication with the staff.

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