Paul Coghlan (Fine Gael) | Oireachtas source

I welcome the Minister to the House and thank him for his rationale for this Bill. The nub of this matter is the provision of a satisfactory resolution or solution for this State of the promissory note issue. On that question, the necessary first step was the liquidation of the IBRC by NAMA bonds. In effect, the IBRC is being subsumed into NAMA. The Minister identified the risk straight away because of the leaks. I will not say his hand was forced but he moved swiftly to provide the necessary protection and put KPMG in place. I salute what he has done and I think it was a proper provision and defence mechanism for the State. These remaining assets are effectively going from one asset management agency to another in the best interests of the State. This was a necessary action that was totally in the national interest. It would have been catastrophic if we had acted otherwise considering what has happened in recent days and today in particular. In view of the sensitivity of the matter, we all accept that the detail will follow tomorrow when the ECB, hopefully, signs off on necessary arrangements that the Minister, his team and the Governor of the Central Bank have negotiated at this meeting in Frankfurt, which has been referred to.

This legislation is the most significant and momentous decision in the financial history of this State since the night of the bank guarantee, which we will not revisit. This is a problem which this Government inherited from its predecessor in office because of the commitments given. The sovereign cannot renege on what was done. There is no question of that. This country will protect its own interests, sovereignty and good name. This has been done and protected by this Minister. Tomorrow, we will know the longer-term arrangements.

The negotiations will be overseen by the Minister and I hope, please God, that the outcome to them will be signed off on. There has been speculation with regard to longer-term bonds - with durations of perhaps 30 or 40 years - being issued at or near ECB rates. If it is possible for him to do so - I accept that there might be sensitivities involved - perhaps the Minister might deal with this matter. We would appreciate it if he could outline the position on terms and rates.

Ireland has returned to the markets and we have seen what the National Treasury Management Agency, NTMA, has been able to achieve already. There are tangible signs of confidence returning, which is extremely important. I am disappointed by some of the negativity which has been apparent during this debate. I am of the view that such negativity is not helpful. The Minister referred to the protections available in respect of the staff of the IBRC. Please God, many or most of them will be rehired by the special liquidators and will continue to work in the best interests of securing the assets and selling them on.

The issues with which we are dealing are very sensitive and complex and they exist on a huge scale. They have provided both the backdrop to and the necessity for the measure before the House. The Minister indicated that he would have preferred to have introduced the Bill in tandem with a finalised agreement with the ECB. The latter was not possible for reasons we do not know and that we do not need to know. We are aware that the Minister's intentions are tremendous. We are also aware that a good deal has been negotiated and we are waiting for this to be signed off on. Tomorrow, the ECB will continue to consider the proposals made by the Government and hopefully a satisfactory resolution will be achieved in that regard. I appreciate that the Minister may not be in a position to provide the House with further information during this debate but perhaps he will be able to do so either later today or on Friday.