Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It is always worth remembering that anything enacted by the House can be changed by a future Dáil. Therefore, no matter how a provision is couched or included in legislation, it can change. If, for example, we include a provision that the Minister for Finance will never dispose of the company, in a year's time the Minister for Finance could come in with amending legislation that would remove that particular section. Anything that can be enacted in law can be changed in law. It is not like the Constitution. We set out clearly in the Bill that it is not the intention to sell, so that on the record of the House all subsequent Ministers for Finance and all subsequent Members will know the policy position at the time of institution was that there was no intention to sell.

I am advised by the Attorney General that for legal reasons it is best to have the power to alienate shareholding in legislation, so that if there was to be a change, this is specified in law now rather than carte blanchebeing given to our successors to bring in amending legislation far wider than the provisions we are enacting. Also, her advice is that having the Minister as the sole shareholder is an important defence, because then the company cannot be sold to other shareholders. It either all goes or the Minister is no longer the sole shareholder. I am following the legal advice from the Attorney General that this is the most prudent way to proceed and that rather than incorporating it by separate statute, if we do it under normal company law, all the protections and transparencies that go with Irish company law will apply.

In a different world, one could make the absolute case. However, we should remember that in any Dáil at any time a Minister can bring forward legislation to amend anything enacted by a predecessor. Knowing that, we cannot give the kind of belt and braces security one might want. The policy position is clear that there is no intention to sell.

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