IBRC tracker bond losses
Senator MacSharry seeks a ministerial statement on tracker-bond investors who suffered losses following the liquidation of IBRC.
Will the Leader arrange for a statement to be made, perhaps by the Minister for Finance or whatever Minister is available in the near future, in regard to the "Prime Time" programme last night, particularly the fact that individual as opposed to institutional investors in tracker bonds have effectively been burned as a result of the liquidation of IBRC? The programme highlighted what appears to be a very sad case and one wonders how many more such cases there are, whether quite a few people were involved and what proposals the Government has to do something for these people. One wonders how we can have looked after the senior and junior bondholders worldwide when we rushed so quickly in the process of liquidation to burn an individual, as we saw last night. It is an important issue and, while I know there are other important and controversial issues to be dealt with today, I feel this is one that should not be passed over. I would appreciate it if the Minister could make a statement on the matter.
In agreeing with our leader's opposition to today's Order of Business, I make the point it does not serve the Leader's efforts well. I have said many times that, in my 11 years here, Senator Cummins has been the best Leader in the context of trying to use the Seanad space in a constructive way. When a Minister, for whatever reason, is called away on important business in a European context or otherwise, which can of course happen, and a Minister of State is not available, we in the House are well used to having Ministers other than the line Ministers for particular debates. Despite the fodder crisis and, not least, the importance of the Animal Health and Welfare Bill itself, we are going to have a lengthy break today. In addition, if nobody can be found to discuss the matter, I do not believe it to be an efficient use of the House's time or that of the staff of the Houses of the Oireachtas. We are here to participate in debates. The Order Paper is filled with very good suggestions, from Private Members' Bills to non-Government motions, that could usefully be debated in this House, and, indeed, we have even had debates here without Ministers. While I do not support that, I certainly feel a Minister of State can be found. There should be a Minister of State on stand-by at short notice to hear whatever business the Leader so determines in this House.