Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

First, on the overall cost of liquidation, the assets being liquidated are valued at somewhere between ¤12 billion and ¤14 billion. Therefore, we are talking about a liquidation of assets worth ¤13 billion. The cost I was given earlier - it was more of a guesstimate than an estimate - was ¤30 million to ¤35 million based on standard NAMA fees. It is in that space, which does not appear to be excessive, given the quantum of assets with which it is dealing.

On the staff issue, there are a number of questions to be asked. I have answered Senator David Cullinane on the issue. The liquidator will be responsible for the staff as of tomorrow morning if the legislation goes through and it is signed by the President. In his other capacity, the legal capacity he took over in the afternoon, there would have been some communication with staff. I understand his point of contact is the human resources section of the IBRC which has a designated officer. Obviously, it is very traumatic for staff because there was no expectation this would happen. It was surprising for the board also. One of our difficulties was that we could not bring this in confidence to the board of the IBRC because if we did, under company law, as soon as it had been notified, it would have incurred legal liabilities on which it would have had to act. If the board did not act, it could have been guilty of criminal offences and its members would have been disqualified from ever serving as directors again. Their liabilities would have been in conflict in introducing the legislation tonight. Unfortunately, while there were many people in the loop of knowledge, the IBRC was not. It was not possible to have contact about voluntary schemes of employment or anything like it. I am not familiar with the detailed arrangements concerning staff in the IBRC because I was not in a position where I could have prudently inquired to obtain that kind of data without triggering questions such as, "What do you need that for?" and "What is the situation?" It might have brought about a worse situation than what we were in. It is the liquidator who will deal with the staff and it is my information from the liquidator that the intention is to offer jobs to the majority; that is how it was put to me. I am not sure of the exact number of staff in Ireland. There are about 930 to 940 altogether, some of whom are in the United States and London, but the bulk of them are in Ireland. It must be remembered that there is a lot of movement in the financial services sector. These are highly skilled workers; they are not people who will find it find it very difficult to get jobs because the financial services industry is thriving in Dublin.

The gentleman going in from KPMG was acting in his sole capacity today. He will be jointed by a colleague tomorrow.