The ICC bank had been sold off for a song to the Bank of Scotland, Mr Joe Costello complained. He said a Bill had been rushed through the House last Thursday to pave the way for the sale. It was known at the time that an extraordinary general meeting of the ICC was to be held, and the passing of the Bill had presumed the outcome of these discussions.
It was important that the House should not be seen again merely as a rubber stamp in processing legislation which could not be dealt with properly by the Opposition. Otherwise, the Seanad would be brought into disrepute.
The leader of the House, Mr Donie Cassidy, said many small family businesses owed their success or survival to the understanding and caring attitude of the ICC management over the years. He hoped that the new purchasers would continue this approach.