Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

This is a technical drafting amendment to improve the text. The various amendments from the Senators seek to reduce the voting proportions in respect of all creditors in the subclass of secured and unsecured creditors required to approve a PIA at a creditors meeting. Amendments Nos. 113 and 114 concern proposals to reduce the overall level of votes required at such a meeting to approve a PIA from 65% to either 50% or 30%. This is a crucial provision with regard to the necessary voting proportions required to approve an arrangement. I consider it unlikely that, in effect, creditors would accept a non-majority vote and agree to be bound by it. Amendments Nos. 115 and 116 propose to alter the proportions of secured creditors required to approve a PIA to below 50%, while amendments Nos. 117 and 118 similarly propose the same proportions of unsecured creditors required to approve a PIA. I am not convinced that the reductions proposed in the amendments represent the best approach and they could inhibit reaching an agreement that would be sustainable over a six-year period under a PIA. I have considered the various proportions and have no better alternative proposal at this point. In the circumstance, I must oppose the amendments.