Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I have engaged with the workers too. I have met them. I have engaged with Mandate, the trade union, and ICTU. I have spoken directly to Debenhams UK and I have sought advice from the Attorney General. The facts that I have are different from the facts the Deputy has. The basic fundamental facts differ as follows. Clerys was a very different situation. There was a very substantial and valuable asset, a building on O'Connell Street, and its owners were able to make an ex gratiasettlement to the workers. In this case, there are not assets of that value. There is stock that may be worth €10 million, which is diminishing in value every day, and there are many other claims on that asset. Those who have claims will not receive all of the money that they perhaps would like to receive.

I have spoken to Debenhams UK and I have it in writing from the company that it is a UK based company and a separate legal entity in a different country. It says it has put €30 million into Debenhams Ireland over the past couple of years. This company was in trouble for a long time. It was in examinership three or four years ago. Debenhams UK says it has put €30 million into it. It will not get that money back. It has laid off staff in the UK and its UK staff have only got statutory redundancy. While the Deputy says the company has €90 million in the bank, that cannot possibly be the full story because Debenhams UK is in examinership or administration. A company that has massive assets in the bank does not end up in examinership or administration. If it has massive amounts of money in the bank, it must also have massive liabilities and debts.

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