Paul Coghlan (Fine Gael) | Oireachtas source

Yesterday I welcomed the good news story for the agrifood sector which came from the Kerry Group. It is a tremendous success under the dynamic leadership of its CEO, Stan McCarthy. However, today is a sad day for Irish business with the announcement that a receiver has been appointed to Bill Cullen's Glencullen Holdings. He spent 55 years in the motor trade and was a tremendous contributor by way of good employment and charitable works. He has done a great deal of good for the motor industry, and in other spheres of Irish business life. There has been much criticism recently of Ulster Bank and I will refrain from getting involved. However, I am fearful in this instance, which is a bolt out of the blue, and I hope it has not acted hastily. I commend the work of John Trethowan in the Credit Review Office. I do not know anything about the Glencullen Holdings matter as it is something I learned about this morning. I sincerely hope for the good of the trade and all those employed in Swords, Liffey Valley and elsewhere that the receiver, with the help of the group, will be able to trade out of whatever difficulties exist. It is a sad day to see something like this happen to someone who has contributed so much and worked so hard over 55 years. I do not understand how it cannot be properly negotiated. I am flummoxed. I wish him and the group well. I also wish well everybody in business in these challenging times.