Denis O'Donovan (Fianna Fail) | Oireachtas source

I thank the Minister for being so frank. I am disappointed as I feel much concern for the students who have been wronged and there has been much light touch regulation from the IAA. Perhaps we could examine that in future. The IAA experienced a company getting into difficulty in the not too distant past, although it may have been before the current Minister took office. I am a solicitor by profession and it is my opinion that if a person or company takes in substantial sums of money up-front knowing that commitments cannot be fulfilled, it is bordering on criminal. The company sent these students to Florida knowing that fact, which is reckless trading. There should be some mechanism to punish such companies as we are talking about unsuspecting young people and their families. Some of these people put their life savings into the training scheme but the company was accepting this money up to the difficulties arising on 1 July. Somebody in the company knew damn well that within weeks it would be in a trading position where it would not be possible to survive.

The Minister should have another look at the matter because it will not go away. The liquidator will probably not even consider the people who have been wronged as priority debtors. These students should receive greater attention from the State as we sent them to be trained. The light touch regulation of the IAA must be tightened, and it is a bit like the banking regulation in the past, which had terrible consequences for the country. I respect the Minister in coming here to take this matter and I understand his plight.