Bertie Ahern (Dublin Central, Fianna Fail)

The next steps are that the Ministers for Finance and Transport will mandate the company to negotiate with the trade unions on the package of measures to address the concerns that have been identified. I have already said they are job security, pensions and possible dilution of ESOT shareholdings, following the issue of additional shares in the company. These and others are the issues the company will engage in with the unions. In parallel with this process the advisers appointed by the Ministers last year will be mandated to commence preparations for an IPO of shares in Aer Lingus as early as possible, taking account of the need to comply with Stock Exchange rules and to launch the stock in the most positive market conditions. A period will have to elapse while that is being done. The final terms of the investment will be agreed between the Ministers for Transport and Finance and the general principles of the disposal of the majority of the State's shareholding will be laid before the Dáil for approval. Together, the State's share and the trade unions' share will amount to 40% of the company.

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