Martin Cullen (Waterford, Fianna Fail)

I thank the Deputies for facilitating the Bill and for their strong support for it. This is a great win for Ireland on the international stage and it amplifies once again the strength of the Irish financial services sector and the important role of Ireland and Dublin in international finance in general. I think that was a key element in the international competition which Ireland won against some pretty stiff competition, as the Deputies said. It was a surprise to some that Ireland won and there was much angst because we did.

The convention will reduce the financing costs for airlines but it certainly will not deal with any other issues in regard to companies seeking finance in terms of trying to lever on assets. One of the Deputies referred to one bank offering a 33% reduction in terms of rates. We know this is available. I will not, however, rehearse many of the arguments I could put to Deputy Shortall about Aer Lingus. I do not hold an ideological view on the company. If it were at all possible and if the company could have a realistic future in State hands, I would be the first to support that. No State airline has a future. That fact is accepted. I had discussions yesterday with trade unions on that.

I was travelling recently and I picked up a magazine — I think it was The Economist, although I am not absolutely certain — in which the international assessment was dismissive of what would be left in Europe in terms of airlines, irrespective of sales and so on. It was firmly of the view that the only four airlines left in Europe in a short period would be Lufthansa, British Airways, KLM and Air France. It did not see any other airline surviving.

Aer Lingus is unique in what it has achieved to date. We must capture what it has achieved and give it life into the future. The Deputy was right that it is not about the money. That is one of the issues. The issue is commercial access, working in the markets, decision-making processes etc. I am pleased with the way matters are proceeding and people on all sides are up for the challenge. I hope we can clarify some of the questions Deputies Olivia Mitchell and Shortall raised in respect of the future. We look forward to that. I thank the two Deputies for their support for the Bill.

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