I am not aware of any specific proposals put forward by the Labour Relations Commission in relation to IBRC. I have been advised by the Special Liquidators that there is on-going communication between them and the staff of IBRC and their representative bodies to discuss their issues in relation to the liquidation. I acknowledge the significant efforts and commitment made by the staff in IBRC over the past few difficult years whilst the bank was in wind down and the difficulties that arise for staff as a result of the liquidation but it was necessary to take the decision to liquidate IBRC in the larger public interest.
I have been advised by the Special Liquidators that significant steps have already been taken to address staff concerns including the announcement the Special Liquidators that the majority of staff would be retained until March 2014 in order to provide for an orderly wind-down of the business. This should provide some reassurance to IBRC staff relative to the common position in liquidations where staff contracts are terminated on liquidation. Furthermore, it is likely that some staff will, in time, gain employment by NAMA or other purchasers or servicers of the assets of IBRC.