Róisín Shortall (Dublin North West, Labour)

The Minister did not answer the basic question. Why is he proposing to sell the State share in Aer Lingus? Aer Lingus is a very successful company. It is a profitable company which has served the interests of the country well in terms of tourism and trade. As taxpayers, we all own the company. There is no logical rationale for the Minister's proposal to sell the company. It recently replaced its short-haul fleet from its own resources. It has proposals to replace its long-haul fleet and expand that fleet over a number of years, and there are a number of options to fund the expansion. The Minister said that there is an immediate need for investment, but no one has claimed there is an immediate need for investment. There will be a need over the coming years to expand the long-haul fleet. We do not know how much the company will need. It certainly will not need it tomorrow and it will not need it in one lump sum. However, it will need investment.

The Minister also said that the Government should not and could not provide funding for this. Many people would argue that it should do so. If it makes sense for the private sector, it makes sense for the public sector to invest in a successful company. The statement that he could not provide funding is nonsense. Nothing prevents the Government from investing in Aer Lingus as a profitable company.

There are options for Aer Lingus in expanding its fleet. It can do so from its own resources because it would have no difficulty raising loans. It can enter into long-term leasing arrangements, which is what most airlines do. The State could provide the investment necessary or there could be a combination of all three. Why is the Minister pretending that there is an urgent need for a decision and that the money must be provided immediately? That is not the case. There is a strong likelihood that all of us as taxpayers will go from a position of owning a very successful company, which is valued at up to €1 billion, to probably having nothing. How can the Minister prevent Aer Lingus becoming Eircom mark II? What percentage of the State holding does the Minister intend disposing of this year and to what method of disposal is he referring?

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