Joe Costello (Dublin Central, Labour)
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I thank and welcome Mr. Pakey and his team. They appear to have successfully restructured and put together the various elements to establish the new Shannon Group plc. I propose to first ask a few questions about the new entity. It is my understanding that it has been a long-term goal of Shannon Development to have a consolidated entity with a commercial focus. What are the major challenges facing this new company as it commences operations as a semi-State commercial entity, with a new direction and new principles of operation?

Shannon Development received some €5.1 million in grants from the State in 2013. Does Mr. Pakey expect the company to continue to receive State grants now that it is a commercial entity or will it be a stand-alone and profitable commercial semi-State company?

Mr. Pakey stated that significant restructuring remains to be done in terms of investment. I note that €1 million was spent on restructuring in 2013. How much will be spent on restructuring in 2014? How much has been spent on consultants in restructuring the new public limited company?

Some €3.4 million was spent on an early retirement and redundancy scheme in 2013. Given that 33 people took the early retirement and redundancy package, this works out at approximately €100,000 per person, which is a sizeable amount. The package appears to have been a generous one. Will Mr. Pakey outline its terms, for example, the number of weeks of salary that were awarded per year of service?

A major debate is taking place on defined pension benefits. To what extent did the Irish aviation superannuation scheme operate, if at all, in the Shannon Development arena? Given that this scheme has a deficit of approximately €760 million, will this have any impact on Shannon Development and, if so, will any liabilities arising transfer directly to the Department?

On the restructuring, I presume the company will be answerable to the Department of Jobs, Enterprise and Innovation. What oversight role does Mr. Pakey envisage for the Department? Is there merit in the company continuing to be audited by the Comptroller and Auditor General and its representatives continuing to appear before the Committee of Public Accounts?