Tom Barry (Cork East, Fine Gael) | Oireachtas source

I thank the Chairman. How much of the land will it be recommending should be sold to Helvetia Wealth AG and the International Forestry Fund? Helvetia Wealth AG describes itself as an international finance company which offers offshore banking services to clients. Is this company one of Coillte's financiers or would it be one of them if Coillte were to recommend a part sale in respect of the balance of lands it holds?

If all of our forests are sold, what will be the consequences? In fairness, our guests have provided information on many of these consequences. I am concerned about some of the knock-on consequences for some of Coillte's ancillary companies which are highly successful. I fear that selling off the valuable assets to which I refer would hinder the initiative and innovation which Coillte has displayed to date. I am also concerned about the issue of carbon emissions, which is a major factor in forestry. This is an issue around which we have only skirted to date. It would be terrible if 7% of the country's landmass could be removed from calculations relating to carbon sequestration. What would be the position if an 80 year lease were granted and a dispute arose about the felling licence? What would happen if the owner of the lease refused to plant and the Government informed it that it was obliged to do so? In such circumstances, a great deal of land could be left lying idle until the dispute was resolved. This matter must be dealt with now because production could otherwise be delayed until the legal eagles resolve it.

Our guests referred to Coillte's debt of €180 million. Does this include the company's pension deficit?

I again thank our guests for their presentation. I realise that I have posed a large number of questions and will provide our guests with written copies of them. These questions are pertinent and, like members, the public will want answers to them.