Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

I move amendment No. 20:

In page 28, between lines 14 and 15, to insert the following:“Transfer of certain capital stock issued by BGÉ under section 7B(2) of the Act of 1976
39. On the date on which the Government first appoints a Minister of the Government to be the majority-shareholding Minister by order under section 7B(2)(e) of the Act of 1976—

(a) any capital stock referred to in section 7B(2)(c) of the Act of 1976 that has been issued to the Minister for Public Expenditure and Reform or which stands transferred to that Minister pursuant to section 16(4) of the Ministers and Secretaries (Amendment) Act 2011 stands transferred to the majority-shareholding Minister, and
(b) half of any capital stock referred to in section 7B(2)(b) of the Act of 1976 that has been issued to the Minister stands transferred to the Minister for Public Expenditure and Reform.”.

I am promoting the deletion of section 39 as it stands and its replacement with this one. The amendment is intended to provide for the transfer of the majority of capital stock in Bord Gáis Éireann to the majority shareholding Minister and for the retention of a 5% minority shareholding by both Ministers: the Minister for Communications, Energy and Natural Resources and the Minister for Public Expenditure and Reform. The shareholding arrangements are necessary to ensure compliance with EU obligations in regard to the unbundling of the transmission systems operators.