Stephen Donnelly (Wicklow, Independent) | Oireachtas source

There seems to be a contradiction and I accept that the Minister is saying in good faith that he has no intention of selling into private ownership the company. I take the Minister at his word that the setting up of the company as a private rather than a public entity is better for tax or transparency reasons. However, the Minister refers to section 11 in the Bill. Section 11(5) states: "Subject to section 12, the Minister shall be the sole shareholder." Section 12 states: "The Minister may, at such time or times as appear to him or her appropriate, sell, transfer, exchange, surrender, redeem or dispose of all or any of the shares in the SBCI on such terms and conditions as appear to the Minister to be appropriate." The next section states that "Any funds received [...]shall be paid into or disposed of for the benefit of the Exchequer and the Minister may not dispose of any shares in the SBCI without the general principles of the disposal being laid before each House of the Oireachtas." The legislation seems to allow a future Minister for Finance to sell this into private ownership. Deputy Peter Matthews made a legitimate point that foreign companies will have equity, loan calls or the various legal calls on the entity and they may be interested in taking it over. The legislation sets out how it can be sold into private ownership. There seems to be a contradiction between the stated aim of the Minister, and I take him at his word, and what the Bill lays out as the sales mechanism for a future Minister for Finance. Is that interpretation of the Bill correct? Does the Bill preclude it? If it is his intention that no future Minister is capable of selling this into private ownership can we introduce a subclause that states that? Otherwise, can we get rid of section 12(2), section 12(3) and section 12(4), which are the legal mechanisms by which the sale can happen?

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