Mary Coughlan (Donegal South West, Fianna Fail)

At present, three proposals are being evaluated by the IDA. A meeting took place in confidence on Friday with these companies. They were asked to revert to the IDA on Monday and there will be further discussions with them. Therefore, discussions are ongoing. Some slight confusion has arisen about a number of these proposals but I believe that one in particular, which is perceived as a management buy-out in consultation with the unions, is the proposal that everyone is discussing. While that project is being evaluated at present, the IDA has indicated that the basis on which it has been put forward warrants full examination, to ascertain what exactly is the proposal in the first place. It will be at that point that people will be able make up their minds. However, a considerable number of other entities have expressed interest in parts of the company.

It is important to note that I must uphold the confidentiality of those who have expressed interest. Second, if the proposals put forward to the IDA are commercially viable and pass the criteria whereby they can be recommended to the respective boards, the Government of course will support them. The Government will continue to work with everyone to ensure that this happens to the best of everyone's ability. However, it will be important to achieve a balance between the workers, their rights and access to the redundancies to which they are entitled, and the creation of a new viable company.

I met representatives of this company in Zurich some time ago and have followed on with a number of meetings. Together with my officials and the IDA, I have been working with this company for a considerable number of months, on foot of the loss of the contracts with Aer Lingus, because it had a need that we were trying to meet. Unfortunately, the framework and plan that went to the company's head office in Zurich was not accepted by it on the basis that globally, SR Technics was in financial difficulties and had made the decision to get out of baseline maintenance and to move on to the more high technology side. This is the framework in which we are working at present.

See this speech in context