Caít Keane (Fine Gael) | Oireachtas source

We congratulated Fianna Fáil on acting in the national interest and I complimented Senator MacSharry on his contribution. I also compliment Deputy Michael McGrath. The last Government had to make a decision because it was kept in the dark by the banks as a result of commercial interests. Even though it was not kept in the dark, this Government had to make a decision in the national interest, for the good of society and to save our national assets in IBRC. There is a difference here and to send a message that it is the same is totally wrong.

It is a sad day for the staff of IBRC, but they need to know the facts.

The Minister indicated to us that "the majority of staff will, if they wish, be re-hired for the purposes of the orderly liquidation on such terms and for such duration as may be determined by the Special Liquidators. Employees will rank, in the normal way, as preferential creditors ahead of NAMA". It is important for the employees to know that they rate higher than NAMA. He continued, "and unsecured creditors in respect of certain amounts owing ..... including accrued wages, salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages". That is what was written down. The staff needs to know that information today because it was suggested that they could have been out the door with no comeback or anything.

I appreciate the stance adopted by Senators Michael McGrath and Mac Sharry last night. In the national interest I hope that the facts will circulate. The legislation was not rushed but the decision had to be rushed.