IBRC Liquidation

Dáil Éireann Debate, Thursday - 9 May 2013

Thursday, 9 May 2013

Ceisteanna (63)

Pearse Doherty

Ceist:

63. Deputy Pearse Doherty asked the Minister for Finance if the insolvency initiated under the powers given to him in the Irish Bank Resolution Corporation Act 2013 is an insolvency proceeding within the meaning of section 6 (1) of S.I. No. 131/2003 European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 and therefore exempt to the application of Regulations 3 and 4 of the said regulations; if he will confirm whether the insolvency initiated under the powers given to him in the Irish Bank Resolution Corporation Act 2013 is considered a relevant insolvency proceeding within the meaning of the British Transfer of Undertakings (Protection of Employment) Regulations 2006 and therefore exempt from Regulations 4 and 7 of said regulation; and if he will make a statement on the matter. [21986/13]

Freagraí scríofa

Minister for Finance

By reason of the amendment inserted by Section 19(2) of the Irish Bank Resolution Corporation Act 2013, the insolvency initiated under the powers given to me in that Act is an insolvency proceeding within the meaning of section 6 (1) of S.I. No. 131/2003 European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 and therefore exempt to the application of Regulations 3 and 4 of the said Regulations. It would not have been possible to amend the United Kingdom Transfer of Undertakings (Protection of Employment) Regulations 2006 by an Irish Statute.

Whether the insolvency of IBRC is a relevant insolvency within the meaning of the United Kingdom Transfer of Undertakings (Protection of Employment) Regulations 2006 is a matter to be determined by the UK Courts under applicable law and it would not be appropriate for me to comment on that matter.

Question No. 64 answered with Question No. 46.