Olivia Mitchell (Dublin South, Fine Gael)

I thank the Minister for his reply. He stated that he wishes to retain a significant shareholding, so that this would give the State a significant interest and prevent the future takeover of the company, against the Government's will, by a third party. Is the Government making a long-term commitment to a minimum share ownership in Aer Lingus? If so, how does it propose to proceed in that regard?

I take it that the reason the Minister did not answer the second part of my initial question is that the answer to the first part is no and that it is a matter with which future Governments will be obliged to deal. Does the Government intend to make a long-term commitment to Aer Lingus?

All shareholders — that includes all of us — and stakeholders, particularly those who work in Aer Lingus and who have a very immediate interest, are entitled to know precisely what the Minister is proposing. He referred to a minimum holding of 25.1% initially. If there was a long-term commitment, he would at this stage be able to inform the House how he intends to effect it. When further shares are issued and an automatic dilution of the State's shareholding occurs, does the Minister intend to hold, in the first instance, more than 25.1% or is it his intention to buy more shares in the company in each further flotation? A long-term decision must have been made in respect of selling the company or is it the Minister's intention to do what was recommended in the Goldman Sachs report, namely, that this should form part of a long-term exit strategy? If that is the case, what is the point in referring to protecting strategic interests?

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