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Dáil
‹ Order of Business

IBRC interest-rate allegations

Summary

Deputy Mathews raises alleged malpractice involving IBRC’s liquidation and historic interest-rate charges, but the Ceann Comhairle rules that the detailed allegations cannot be pursued on the Order of Business and directs him toward a Topical Issue matter.

I have three matters to touch on. The first is a combination of the good work that Deputy Catherine Murphy has done in revealing the shortcomings of IBRC. The liquidation of IBRC was done under very hurried legislation at night-time. I also wish to refer to the good work done by Deputy Wallace in regard to NAMA, the legislation relating to which was rushed through on 16 September 2009. These are two dark pools of malpractice. For example, fraud has been revealed with regard to interest rates charged, from the 1990s to date, in the case of IBRC.

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Seán Barrett An Ceann Comhairle Fine Gael

This is the Order of Business.

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John Morrissey won a case in the High Court under Ms Justice Finlay Geoghegan. Following this, the Governor of the Central Bank, the Minister for Finance and the banking inquiry were written to-----

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Seán Barrett An Ceann Comhairle Fine Gael

The Deputy must find some other way of raising this - perhaps a Topical Issue?

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Nobody wants to address-----

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Seán Barrett An Ceann Comhairle Fine Gael

There are matters the Deputy can raise on the Order of Business and there are other matters that must be dealt with in a different way. I am advising him that the important issue he is raising can be dealt with if he tables a Topical Issue matter, but not on the Order of Business.

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To recap and to make sure I am not making a mistake, the business of the Dáil is to deal with upcoming legislation, the programme for Government and all related matters. This is a related matter in respect of how Ireland works.

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Seán Barrett An Ceann Comhairle Fine Gael

Who told the Deputy about related matters?

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It is, very much so. Deputy Wallace has shown that the loss to the Irish people-----

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Seán Barrett An Ceann Comhairle Fine Gael

For the Deputy's information, the full list of matters that can be raised on the Order of Business includes business on the Order Paper; the taking of business that has been promised, including legislation promised either within or outside the Dáil; the making of secondary legislation subject to the proviso that the Taoiseach may defer replying to a question relating to secondary legislation to another day; and arrangements for sittings when Bills or other documents on the Order Paper needed in the House will be circulated. That is what is in order on the Order of Business so would the Deputy please stick to that? If he has other issues, he should submit a Topical Issue matter or find some other way and I will consider it.

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As a result of the business, the decision by the Taoiseach and this House and the Ceann Comhairle's recognition of those decisions, IBRC and certain transactions are being investigated and reviewed. This is one that should be included. It involves fraudulent interest charges in two respects. One is the 365-360 day error, which was a very conscious error in favour of the bank, and the other is the fraudulent Libor, Dibor and Euribor starting in the 1990s, which overvalued Anglo Irish Bank by a factor of-----

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Seán Barrett An Ceann Comhairle Fine Gael

The Deputy is out of order. Will he please resume his seat?

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I said three things-----

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Seán Barrett An Ceann Comhairle Fine Gael

Will the Deputy please remain in order? I do not like interrupting him.

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I dislike this tension between us.

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Seán Barrett An Ceann Comhairle Fine Gael

If the Deputy sticks to the rules of the House, I will not interfere with him. That is my job.

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The Ceann Comhairle sees a problem where there is none. That is the trouble.

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Seán Barrett An Ceann Comhairle Fine Gael

I have explained to the Deputy what is and what is not in order and I have told him how to raise other issues.

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