Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I also have grave concerns about the impact that this decision will have on the industry. This industry has been in operation for almost 30 years. It has ensured competition yet it has received very little support. This particular business accounts for 60% to 70% of the market. It is not right, accurate or fair for the Minister of State to say that others will take up the slack. There are all sorts of rumours concerning the bank. Deputy Dooley is correct to say that this company was forced to go to HSBC, which is based outside the State, due to the difficulties that businesses here are facing in accessing credit.

Customer regulation comes under the aegis of the Central Bank, so it is vital that the Minister return to the House next week with a clear report on what actions the bank has taken in this regard. The Minister should give a commitment to do so. Was it right and proper that a receiver was appointed? The House should know that due procedure was adhered to. This serious issue has resulted in 30 jobs being lost in Mullingar and many more jobs indirectly. This company accounts for 60% to 70% of the market, which is now being taken out of play. Why has an examiner not been appointed, as opposed to a receiver? As we all know, when a receiver is appointed, the unsecured debts are most unlikely to be paid. The receiver's job is to pay himself first and then pay the bank, but that leaves marts and farmers way down the pecking order.

I am not confident that the Minister of State is giving this matter the urgency and priority it requires. This company has been in business for 30 years and has served the farming community well. It accounts for 60% to 70% of the market share, but I wonder if the Minister of State has what it takes to resolve this issue. I ask him to return to the House next week with a report on the Central Bank.

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