Brian Cowen (Laois-Offaly, Fianna Fail)

Aer Lingus must have access to capital markets to compete on a level playing field with all of the successful carriers, even Continental Airlines, in Europe. We decided to hold 25.1% at a minimum so that we could have that minority holding to allow us to continue to play some role in the development of the company and to ensure the future of the Heathrow slots. The slots cannot be disposed of without a change in the articles of association, which a shareholding of 25.1% can prevent. In addition, under these articles the Minister for Finance's shareholding, along with an additional 4.8% of shares, can block any disposal of a London Heathrow slot. The Government's policy on the IPO was set out in the principles of the sale of Aer Lingus which were approved by the House in June last. That is the answer to that question.

On the next question, we cannot act in consort with anybody on this matter. Stock Exchange rules apply in this regard.

On the National Pension Reserve Fund, I would not comment on whether there is any truth in that suggestion. They would not confer with me in that matter. The National Pension Reserve Fund is statutorily independent in relation to its own investment decisions.

In the past many, including possibly Deputy Boyle, have asked, on the Finance Bill and at other times when the affairs of the NTMA and these sorts of agencies are considered, why such agencies do not invest more in Irish stocks. That would be a matter for themselves. Deputy Boyle cannot come in here and contradict himself. Those are independent investment decisions.

It is an excellent pension reserve fund. As Deputy Boyle will be aware, as of March last it had a total value of €16.6 billion, which thankfully cannot be touched by anybody in Government until 2025 because we want to ensure that there is sufficient provision for future pensioners at that stage.

Deputy Boyle cannot have it every way. The position is that he either agrees or disagrees that this company is entitled to get out there and develop, to get access to markets to which its competitors get access, and to implement its plan which is about doubling its long-haul fleet. As a result of the floatation, the company has over €430 million in its bank account that it did not have previously. In addition, it has been forgotten that the legacy issues relating to the pension fund deficit have been dealt with via a contribution of €106 million, which gives greater security to employees and future pensioners. We should be talking about getting on with the development strategy for Aer Lingus. Some people have become totally bedazzled because Mr. O'Leary indicated he wanted to make a bid. There are many obstacles to the successful launch of such a bid, yet there is an attitude that because he has indicated that intention, we should all throw up our hands. Let us get on with the business and ensure——

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