Bertie Ahern (Dublin Central, Fianna Fail)

It is still a charge. The Ministers for Transport and Finance are completing the review of the report prepared by the advisers on the nature, scale and timing of the investment transaction and will shortly advise the Government of their consideration of the issue. Third party investment is necessary to provide the company with access to equity to fund its business expansion plans and ensure it has the strength on its balance sheet to withstand the recurring downturns and external shocks that are a recognised feature. In the future, unlike the last two occasions when the State was able to help when the airline ran into difficulties, the State will not be able, on those day to day issues, to put in resources.

The National Treasury Management Agency is an independent body. Because of a wise decision made by this Government some years ago to put 1% of our national growth into a fund, we now have €15 billion in the National Pensions Reserve Fund. I am aware that in the first few years, because of Y2K, the returns were not good but last year I understand the figure was 19%. We have €15 billion which we can write off against our national debt and bring it down to a very low figure. They are independent in their decision making. We are talking about a number of international figures. If they believe, and I am sure Dr. Somers would have told the Deputy this — that is a good strategic investment for them in Aer Lingus when the options become available, they can make that decision. There is nothing barring them from doing that. I want to see Aer Lingus grow and expand and not remain in its current position or to decline. There is a good opportunity for it to do that with an increasing number of passengers and locations, good opportunities in the future and more employment, not only in Aer Lingus but in the related areas of tourism throughout the country, which is a very good employer.

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