Eamon Gilmore (Dún Laoghaire, Labour) | Oireachtas source

Many of the staff joined the bank in recent times and have worked diligently to secure the value of its assets in the public interest. Regrettably, it has been necessary to make this announcement at short notice. It is intended the majority of them will be employed by the liquidator, at least for some time.

The Minister for Finance has set out the legal standing of the employees and the protections that are provided for them in law. I emphasise and reassure the House with regard to a matter raised by Deputy Michael McGrath that the legal cases currently being taken by IBRC will not be affected by the liquidation. In effect, where legal proceedings are currently being taken by IBRC against borrowers in default, these will now be pursued by NAMA.

Moving on, the liquidation of IBRC is of itself an important step in the process of programme exit. It has been the Government's view for some time that eliminating the legacy risk and the possibility of so-called "tail risk" in IBRC is important in the ongoing process of rebuilding confidence in Ireland, which is a necessary part of programme exit.

By eliminating these two most notorious institutions, markets will have a clearer view on this risk.

Other steps that have been taken in recent times include the sale of the contingent capital in the Bank of Ireland, and the agreement reached to examine the term extension of European programme loans. As we have taken these steps, we have continued to see the yield on Irish Government debt declining towards far more sustainable levels.

This Bill is another step in that process. It is also part of a wider package of measures that we are negotiating with our European partners - negotiations that continue and which we hope to bring to a satisfactory conclusion soon.

The Irish people have endured great loss and great difficulties at the hands of the bankers who ran these banks. The measures taken to save them were wrong and the EU-IMF programme of support that followed was, in the view of this Government, unfair and unworkable. Since coming to office, we have worked with the troika and European partners to renegotiate the programme and to redesign it bit by bit. We are succeeding.

Tonight we are taking another important step in that process and further steps will follow. There is no one step that will right all the wrongs the Irish people have endured. There is no fairytale solution that will bring us back to where we ought to be. What we can do, and are doing, is to patiently negotiate our way through a series of issues, working step by step to deal with the three-legged crisis we inherited - the crisis in banking, the public finances and jobs.

Today is a watershed. The significance of liquidating Anglo Irish Bank will not be lost on the Irish people. What is most important, however, is that this is another step forward towards the day when we can finally face forward as a people, when the past can finally recede into the distance and when Ireland and the Irish people can see the future that they truly deserve.

I am disappointed by the contributions that have been made by some Members of the Opposition. In fairness to Deputy Michael McGrath, he made a thoughtful contribution. The only piece missing from the speech was to mention that what we are doing here is clearing up a mess caused by Fianna Fáil in the first place.

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