Mary Lou McDonald (Dublin Central, Sinn Fein)

In the course of the Minister's commentary he did not address the impact of a private stake in any of these entities. Those who would choose to invest and become shareholders have a legitimate expectation of a return on their investment. This is how it works and the Minister and I know it. For the Minister to pretend this private profit-making interest would have no influence in the workings or strategy of a commercial semi-State body is disingenuous. The Minister knows full well it would change the essential dynamic of these companies.

The Minister asks whether the ESB specifically should be kept as a vertically integrated utility and the answer is absolutely yes. The value of this company is precisely in the fact that it is integrated. It is how the ESB has historically so successfully borrowed on the international markets and invested in its network and I am sure the Minister is aware of this. The same goes for Bord Gais. The value in State companies is to keep them as coherent entities. This is why they attract investment and why they are powerful companies.

On several occasions when they have spoken on this matter, I have asked the Minister and the Minister for Communications, Energy and Natural Resources, Deputy Rabbitte, to pin down for us the exact distinction they make between strategic and non-strategic assets. To date, they have not done so. Let me give the Minister my view. The ESB is strategic, and energy and electricity are strategic.

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