Vol. 432 No. 3
8 Mr. Yates asked the Minister for Finance if his representative at the Irish Life AGM was satisfied in relation to the responses he obtained from the board of the company concerning the sale of flats at Mespil Road, Dublin 4; and if he will make a statement on the matter.
As the Deputy may be aware, my proxy at the annual general meeting of Irish Life plc expressed concern on my behalf at certain aspects of the transaction to which the Deputy refers, and sought assurances from the board of the company both in relation to this transaction and any future undertakings of a similar nature. My concerns in the matter were recognised and acknowledged by the chairman, and the assurances which I sought were given. These included a commitment to assisting in the remedial action now under way in relation to any difficulties still faced by the residents of the estate.
Is the Minister aware that there are more than eight tenants who are dissatisfied with the position as outlined by the board? What steps will the Minister take to ensure that the welfare of these former tenants is fully safeguarded? Has he or his Department had any direct discussions with Irish Life to resolve the impasse?
When my proxy at the annual general meeting, Mr. Maurice O'Donnell, received the views of the legal representatives and the tenants they were made known to Irish Life. Irish Life has assured us it put one or two of its staff on the site and is doing everything possible to resolve the difficulties. It concedes that while legally everything is in order it has an obligation to ensure the matter is resolved. I was not happy with the way the matter was handled and I will monitor the position until it is fully resolved.
Is it not the perception that once the publicity dies down these tenants will be left high and dry? What steps will the Minister take to safeguard the interests of the remaining tenants who have not signed up? At present tenants are signing a petition because they are not satisfied with the steps taken by Irish Life. They look to the Minister as the largest shareholder representing the public interest to safeguard them. What initiatives will the Minister take to finally resolve the matter and avoid further damage to Irish Life's reputation?
While I hold 15 per cent of shares — the position was similar when the State held 90 per cent of shares — I cannot dictate the commercial decision of Irish Life. However, due to the disquiet in this issue I made known, through my proxy and directly to the Irish Life board, our concerns in this regard. Although it is not the owner, Irish Life has assured us that through New City Estates it will resolve these outstanding issues. I understand from representatives of the tenants who have communicated with me in recent days that a number of commitments have been met. The tenants involved were unfairly treated and I will certainly monitor the matter to ensure it is adequately dealt with.
