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Seanad
‹ Order of Business

IBRC staff and banking deal

Summary

Senator White criticises the Government’s handling of IBRC’s liquidation, warning that 850 staff may lose their jobs and linking the issue to emigration, ECB policy and the banking agreement. Government supporters defend the emergency legislation and say it addresses problems inherited from the previous administration.

I wish to respond, among other matters, to the recent review of the Government's Action Plan for Jobs launched last Friday by the Taoiseach; the Tánaiste, Deputy Eamon Gilmore; and the Minister for Jobs, Enterprise and Innovation, Deputy Richard Bruton. What is clear from the launch is that the Government is more concerned with PR tactics than creating jobs. Last night, instead of creating jobs, the Government demolished 850 State jobs, leaving 850 employees devastated-----

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Paddy Burke An Cathaoirleach Fine Gael

Senator White to continue, without interruption.

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It is leaving the 850 State employees devastated and putting their financial future and that of their families on the line. The manner in which it was done was absolutely shocking.

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That is ridiculous.

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It would have caused a national uproar had it been a private company or, above all, a multidnational. According to the general secretary of the Irish Bank Officials Association, Mr. Larry Broderick, there is real fear among the former employees who were formerly employees of Anglo Irish Bank, that they will be overlooked completely or, at best, disregarded as collateral damage. The Minister for Finance stated the majority of the IBRC staff would be rehired to assist the liquidator, but greater clarity is needed, as he has given no guarantee whatsoever to the former State employees.

I cannot resist saying there is a clear golden circle of auditors who are repeatedly rewarded with large Government contracts, as I have observed during the years. I include Deloitte, Arthur Andersen, PwC and KPMG. I question the criteria used when selecting KPMG as the liquidator for the IBRC.

The unemployment rate is 14.6% and it is increasing year on year.

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Paddy Burke An Cathaoirleach Fine Gael

Does the Senator have a question for the Leader?

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Yes. I ask that the Taoiseach come to the House. In 2010, 69,000 people emigrated from Ireland. In 2011, 81,000 people emigrated, while 87,000 emigrated last year.

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Who was in government for the preceding 14 years during which time the problem was caused?

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The former IBRC employees will add to these sad statistics. The European Central Bank is no better than many Departments. It has caused mayhem with its restrictive policies across Spain, Greece, Portugal and Cyprus, adding to the alarming unemployment rate.

After a year of discussions with the ECB in Frankfurt, it appears they have fallen through as we scramble to make a deal. Last night Fianna Fáil accepted the Irish Bank Resolution Corporation Bill 2013 after placing good faith and trust in the Government. However, personally, I do not like the abrupt manner in which the legislation was introduced. It is a reminder of that horrific night, 30 September 2008, when the bank guarantee was introduced.

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Paddy Burke An Cathaoirleach Fine Gael

The Senator has exceeded her time.

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It is the kind of night I never believed I would experience again. It was on that night that Anglo Irish Bank should have been liquidated. We, as citizens of a sovereign, proud, independent state, have been treated despicably in the past year by the European Central Bank. We will never forget this. To add to our humiliation by it, some know-all or person wanting to cause trouble in Frankfurt leaked the information on the deal. This is despicable. We must stand up for ourselves.

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Nobody in this Chamber or anywhere else is in doubt about the seriousness of the circumstances in which we find ourselves. Last night we were glad to sit because we had to. Sometimes emergency legislation is required and last night was one of those occasions. For Senator Mary White to compare last night to the fateful night in 2008 is irresponsible, inaccurate and wholly laughable. As she and her colleagues know, large problems were inherited from the previous Administration. The Government is on an ongoing mission to restore Irish sovereignty and sort out the problems with the banks. Lately, we have been accused of mentioning the promissory note problem too often by those who said three months ago that we did not mention it enough. As with many others, I am hopeful the head of the European Central Bank, Mr. Draghi, will make an announcement this afternoon on a favourable deal for Ireland. However, if that deal does not emerge today, I will not lose my patience because I know that these deals are intricate, complex and require much thought and consideration if they are to be got right. If there were no such deliberation, we would complain. If there is no deal today, I will be confident that one will be struck in the middle of next week. The Taoiseach is in Brussels today with the Heads of State negotiating the new EU budget. He is trying to reach agreement on a budget of nearly €1 trillion. He hopes the deal will be struck by the weekend. One will agree, therefore, that there is quite a lot of pressure on the system.

As a Member of the Seanad, I was very proud to have been present yesterday at the launch of the public consultation committee's report on cancer. The report is the result of the public hearings we commenced last year on what the Government could do to draw attention to the fact that 30% of common cancers are now preventable and that there is evidence to show this. I was delighted to welcome yesterday representatives of the National Cancer Control Programme, the Irish Cancer Society and many other organisations which took part in the consultation process. They welcomed the short but accurate and complete report that we had presented. We will be giving it to the Minister and I look forward to his being present to debate it. It was a good day for the Seanad.

I wish Ireland the best of luck on Sunday.

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