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THE BILL THAT was signed into law in the early hours of this morning to liquidate the Irish Bank Resolution Corporation had been drafted well in advance – but was brought through because of an “immediate risk to the bank”.
That was according to Finance Minister Michael Noonan, who told the Dáil last night during the first stage of the Bill’s passing:
As soon as the information relating to the proposal to liquidate IBRC was made public earlier today, there was an immediate risk to the bank. Given this position I, as Minister for Finance, took immediate action to secure the stability of the bank and its assets, valued at almost €14 billion, on behalf of the State.
Minister Noonan said he vested the powers of the board temporarily in an employee of KPMG and a KPMG team is now in control of the bank on his behalf. The Government met yesterday evening and approved the proposed legislation for presentation to the Oireachtas.
But the bill doesn’t mean a deal, as Minister Noonan underlined to the Seanad:
That’s the basis on which the negotiations are proceeding but there is no deal, there is no deal, there is no agreement
He said he would report to the members if the Government gets agreement. The Government has been in negotiations with the European Central Bank on the imminent payment of €3.06 billion on the promissory notes due next month.
Thanks to this bill, the promissory notes and that annual €3.06 billion payment will be replaced with NAMA-issued bonds, which are covered by a government guarantee.
Minister Noonan also told the Seanad that IBRC staff weren’t told in advance about the bill – around 800 staff were made redundant this morning.
Bill
Last night, Ursula Halligan told TV3 that the legislation was a “contingency plan” that was ready months ago. TDs were given a copy of the Bill at around 10.30pm last night – and were given 15 minutes to debate it.
The short amount of time given prompted Fianna Fáil leader Micheál Martin to tell the Dáil:
There is something fundamentally wrong with asking us to pass something that we have not even read for even ten minutes. We must oppose the order.
The bill was passed after going through the Seanad in the early hours of this morning, and was signed into law by President Michael D Higgins, who cut short an official visit to Rome to return to Ireland for the task.
Now that the legislation has been signed into law, joint special liquidators will be appointed to IBRC with immediate effect to wind up its business and operations. Explained Minister Noonan:
It is intended that the net debt owed by IBRC to the Central Bank and its associated floating charge security will be purchased by NAMA, using NAMA bonds, in a way that ensures there is no capital loss for the Central Bank.
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Is it possible that not only do they not get two seats in Dublin central but that Mary Lou might, just might be in trouble? Can’t keep her foot out of her mouth lately. Outraged at 9 million for phones. And yet the government of N. Ireland are doing the exact same thing……
@Alan OConnor: nice photograph. Didn’t realise she had moved house.
@Alan OConnor: I think Mary lou is safe, but this will be a new strategy for SF as they need to run more candidates if they have any hope of getting into Government. The LE saw the strategy fail to an extent as where Janice Boylan was elected on the 12th count. with a few more had she run as a single candidate, she would have done a lot better.
Personally, I can’t see SF making huge gains with multiple candidates as their core vote is 15-18% and splitting that will make it difficult. But they have to do it.
@Alan OConnor: their strategy will be the same as last time, fill all the ballot papers across the country with candidates completely lacking in experience, as long as they promise not to sing ‘A Nation Once Again’, if elected
@Alan: Ah jaysus yeah, oul Mary lou from the flats!
@Mr Inbetween: did Sinn feign block the use of pouches in Northern Ireland?
@Mr Inbetween: £250,000 on phone pouches for 10 schools! Not a peep out of Sinn Fein… odd that.
@Alan OConnor: Harris should definitely know, and maybe you should read a little before rehashing his misleading sound bites. The DUP hold the education ministry in north assembly and because of the disfunctionality of that statelet, each minister has almost total autonomy of his/her department. Therefore SF have little to no say on this issue.
@Alan OConnor: her own foot soldiers disagree with the new woke stands
Everyone including/especially the poor have realised that everything depends on a successful functioning economy and don’t want to be an experimental Venezuela of Europe.
@thomas molloy: still, they would create a great country for paedophiles.
I’m glad Janice and Mary Lou have patched things up. Was it 2 or 3 years ago, Janice said that the party had humiliated her, and she promised to reveal all in a cryptic Facebook post? She then quit, but the party denied she had.
‘ I can not stay where I am not supported, valued or even really respected.’
@honey badger: specifically:My decision to resign is based on numerous promises that things would change, numerous times I have been humiliated and numerous times the party has failed to support me therefore made my role as a councillor harder than it ever needed to be.’
@Alan: All’s well that ends well, eh readers?
I wonder when Sinn Fein will cop on that Mary Lou is their main problem . Since she became party leader there have been a succession of own goals . Also , I get the impression that she is not allowing talented individuals to come forward as they might be a threat to her position . Considering the number of TD’s that they have the dearth of able people is extraordinary . Simply cannot see them hanging on to the number of seats that they have much less increasing that number .
@Des Hanrahan: I know nothing about Irish politics. Who will take her place ?
@offside again: We’ll have to wait till Belfast decides. It’s the way things are done.
@honey badger: “ its how things are done” only in your mind where SF live rent free!!!
@North Phone Bowe: Nothing was done about these guys:
Liam Adams.
Seamus Marley.
Martin Morris.
Michael McMonagle.
Sinn Fein has questions to answer. They’ve spent years ducking them. Maybe you’d like to explain…
@honey badger: maybe consider moving to this century?
@offside again: I have no idea.
@honey badger: Liam Adam’s served a sentence, Micheal mc Monagle is awaiting sentencing and Martin Morris was charged and attended trial to defend himself, a court of law which his accuser ran away from. So again your assertion that nothing happened to then is plainly false.
@North Phone Bowe: No thanks to Sinn Fein, who knew but did nothing. Who knew but moved the men to different jurisdictions. You already know this, slippery shinner.
@North Phone Bowe: they are all ball roots. Protected from within and by the very very top members of the Sinn Fein cult. Many of whom are female and constantly bang on about ‘human rights violations’. Make me sick. Disgusting perverts.
Mary Lou has become a liabilty to SF. She needs to be replaced by Pearse Doherty asap or they will lose a lot of theier seats next election. A very, very poor opposition party.
@Gerry Lamont: Keep her there, Doherty is only good for shouting.
@Gerry Lamont: while Pearse is very good with figures in front of him and is a capable finance spokesman…he has not been very good in interviews about other policies…he is the obvious candidate to replace Mary lou but I’m not sure if he’d do any better
If you’re working class and struggling or middle class and barely surviving, then you should definitely vote for FF and FG. The parties who’ve brought you the most expensive, overdue hospital in the world. The parties who give their mates lucrative contracts to build bike sheds and security huts. The parties who’ve bent over backwards not to enact the Illegal Settlements Bill. The parties who’ve allowed Irish airspace to be used to bring US WMDs to the Netanyahu regime. The parties who do nothing to ease the pain of children with scoliosis. The parties who’ve continuously failed you regarding housing and healthcare. You should definitely vote for those guys, they sound great!!!
@Anthony Curran: Nicely done, +1
Nonce party.
@Fintan Pox: Jimmy Saville could run for them if he was alive
@Buster Lawless: why does he have to be alive?
@Buster Lawless: lol
Mary Muslim Lou and her merry band of traitors are finished thank god.
@Trump23: The more you say it the dafter you sound.
Amazing Journal no place to query Sinn Fein attitude or response to sexual crimes by party members
With any luck Janice will get in and be the only sf elected. That would be a handy way out for Belfast!!
Get rid of usc and ill vote for you lot
Isn’t one of their measures to abolish USC for those earning under 45,000? https://www.independent.ie/irish-news/what-would-the-opposition-parties-have-given-you-in-budget-2025-if-they-were-in-government/a459096158.html
@9QRixo8H: get rid for ALL I say
SF will be no different from FF or FG if in government.
@AnthonyK: apart from the fact that we’d have a third world economy in a matter of weeks, with FDI disappearing like water down a plughole.
But at least their mentor, Putin, would be happy with his progress in wrecking the EU.
@AnthonyK: they have never been in Government. So you are speculating (another word for talking out of your Nat-king-cole)
@John Mulligan: putin? Ffs like. Sinn fein were (are) filthy animals long before putin entered the scene.
Sinn Fein about to commit Hari Kari by running too many candidates and diluting their vote so as not reaching quotas – all because they were told that they should have run many more last time.. bit dopey.
I’d be surprised if they swing two seats. With two failed local elections behind them and no new talent coming through, Janice is the logical choice. However, I’m sure SF aren’t in an even near situation of popularity they were in prior to the last generals. I wish them all the best but if they get the numbers wrong again, it brings SF’s decisionmaking, as a party into question.
As a person, I like Mary Lou. I like they way she stands up for people. But defending communities and leading a country are two very different things. Gerry & Martin were leaders but she’s not in that class (but neither are any of the other party leaders in fairness). My piont is, leaders come to the top. The current crop are skimmed milk. Only the cream rises to the top.
One thing is for sure, NEVER write off Sinn Féin.
“Should have ran”..tut tut
the Sinn Féin president said she is hoping for “third time lucky” in this election
Hope is a four letter word Mary Loo
She’d be better served trying to hang on to her own sear given their current performance.
have your say