Hildegarde Naughton (Galway West, Fine Gael) | Oireachtas source

I move amendment No. 3:

In page 14, between lines 27 and 28, to insert the following: “(3) (a) The Minister may direct in writing the IANS to pay a dividend to the Exchequer of an amount determined by him or her and the IANS shall comply with the direction (including any period specified in the direction within which the dividend is required to be so paid).

(b) The Minister may give the Board such general directives concerning the financial objectives of the Board as he or she considers appropriate and the Board shall, in performing its functions, have regard to such directives.”.

This amendment provides that the Minister for Transport may direct that a dividend is paid to the Exchequer and may give a policy direction to the company's financial objectives. The intention of this amendment is to enhance the financial influence the State has over its commercial company. While the IANS will be a fully commercial State company, transitioning from a commercial company with regulatory functions, it must also be aware of its continuing obligations to the State. This amendment provides comfort, certainty and clarity to the company and the State in financial matters. The provision may never be needed. Indeed, I cannot think of any recent case where it may have been considered. Providing this clarity will ensure that there is no uncertainty in the future when it comes to financial matters. It is [Interruptions], considering that we are forming a new company.