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, the Government had to make a decision in the national interest, for the good of society and to save our national assets in the IBRC. There is a difference and to send a message that it is the same is totally wrong. It is a sad day for the staff of the 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 MacSharry 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.

That is clear.

Does Senator Keane have a question for the Leader?

Yes. I ask the Leader to put the facts on the table. The legislation was planned for some considerable time.

The Senator has run over time.

Substantial contingency plans were made. The Minister had planned for this. He envisaged that it might happen; it did happen and he was ready to go.

Does the Senator have a question for the Leader?

Yes. My question is the same as that of Senator Hayden who put it succinctly.

One can tell that he wanted the contingency now in order that he would have an advantage over someone.

Senator Keane to continue, without interruption, please.

Senator Hayden said a decision might not be made today; therefore, we will not jump up and down if it is not. When the decision is made in Frankfurt, I ask the Leader to schedule enough time on our timesheet for a reasoned debate.