Noel Dempsey (Meath, Fianna Fail)

My understanding is that the ESOP applies to full-time employees. Deputy Broughan covered the point I wished to make in regard to ESOPs in general and I will not labour it. Shares are bought and sold in the internal market within the ESOP. In regard to Deputy Durkan's concerns, there is no danger of the company taking its eye off the ball in terms of being more concerned about trading in shares than the main business of providing gas for the consumer. That does not arise, nor does the issue of privatisation.

I outlined the background to this ESOP, which was in response to transformation. I do not have the details of the transformation plan but I am sure I will have no problem getting a copy to the Deputies. There has been a significant change in Bord Gáis Éireann over the years. When they initially came to me talking in those terms and I outlined Government policy on the limits and on achieving real transformation and savings, it would be fair to say that not too many believed that they could produce a plan that would yield such savings. Its value is broadly based on savings to the company and the dividend to the shareholder. Twelve months later, they came back to me. That plan was considered and I will provide the Deputy with details, which I do not have to hand. People were satisfied that the savings were real and that the transformation was significant. On that basis, we proceeded with it.

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