Michael Colreavy (Sligo-North Leitrim, Sinn Fein)
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To ask the Minister for Finance if he will meet the former workers at the Irish Bank Resolution Corporation to discuss their situation regarding redundancy entitlements. [14062/13]

Michael Noonan (Limerick City, Fine Gael)
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I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest. There are standard rules which apply to the distribution of the assets of companies in liquidation and it would not be appropriate for me to interfere with these rules. However the State could intervene, if required, to ensure that statutory redundancy is available through the Social Insurance Fund and that arrears of pay, sick pay, holiday pay or pay in lieu of statutory notice (limited to EUR600 per week up to a maximum of eight weeks) are payable from the Insolvency Payments Scheme.

I can advise the Deputy that officials within my Department have already met with the IBOA and issues surrounding the status of the employees of the IBRC (in liquidation) were discussed. The Special Liquidators have advised that there is ongoing interaction between the IBOA and the Special Liquidators. The Special Liquidators met with the IBOA on Monday 11 March. The Special Liquidators have informed me that this was the earliest possible date following the unavoidable postponement of the previously arranged meeting of Wednesday, 6 March and the IBOA’s unavailability on Thursday and Friday, 7 and 8 March.

The Special Liquidators are highly cognisant of the issues that the IBOA have been highlighting and that significant steps have already been taken to address those concerns including the announcement on Tuesday 19 March by the Special Liquidators that contracts of staff would be extended out to 7 August with one month’s notice thereafter. This should provide significant reassurance to IBRC staff relative to the common position in liquidations where staff contracts are terminated on liquidation.