Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

In the question I asked the Minister, under the definition of "security" in section 1, I referred to subsection (b), which specifies "a guarantee, indemnity or surety". The question was specific and pertained to the Minister's speech in which he stated, "The ministerial guarantee underpinning the net debt owed to the Central Bank will also be transferred to NAMA". What is that ministerial guarantee because later on, I note the Minister states that any shortfall to NAMA will be met by the existing ministerial guarantee? Does this refer to the exchange of e-mails between the bank, the Central Bank and the late Minister for Finance, which has no legal standing? Is this what is being referenced in this legislation?

On the issue of staff, the Minister will be aware that in normal practice, when there is a transfer of assets from one institution to another, under the TUPE rules, the staff also are transferred. When the assets transfer, the staff assigned to those assets also transfer. However, this legislation waives those rules and the Minister basically is leaving those 850 staff members at the whim of the KPMG-appointed liquidator.

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