Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

With all due respect to the Minister of State, the issue is one of fairness. In the event that compulsory redundancies become necessary, it is proposed that the terms set out will be applied to these redundancies. That is the core issue. Directors and senior management have received redundancies or have been paid off. I intend to make this fight on another day. They have received lucrative payments. However, the people who put their shoulders to the wheel have an expectation that was signed up to by a State organisation, the IBRC.

I refer to legal advice from William Fry which states that IBRC has been placed in liquidation by a ministerial order made under the Act, called a special liquidation order. Unlike other forms of liquidation, no order or shareholders' resolution was required to commence the liquidation. On the making of the order by the Minister for Finance, two joint special liquidators were appointed. The special liquidators have full custody and power over all the assets and undertaking of IBRC and the power to carry on its businesses so far as may be necessary for the liquidation.

The poignant part of the advice states that these powers are to be exercised subject to the right of the Minister for Finance to give instructions to special liquidators as to the manner in which the liquidation is to be conducted. It is within the gift of the Government to do what is right by the employees, to give them what they are entitled to. I welcome the news that many of them will be kept on and that they will eventually be wound down. It is all a question of fairness. There is a legal framework but assets need to be protected. Heaven forbid we put €15 billion of State assets at the risk of industrial action, although this has not been indicated. Businesses and assets are put at risk. We need to tackle this issue.

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