John Deasy (Waterford, Fine Gael) | Oireachtas source

If it is the case that some of the proceeds from the sale of Aer Lingus are to be distributed throughout the regions to improve connectivity and key infrastructure, then that is a definite advantage to this sale. If that is the case, part of the €325 million needs to be invested directly into Waterford Airport to finally allow for the proposed runway extension to be funded. If Fianna Fáil, Sinn Féin and the Opposition generally oppose this sale they could, with a capital "C", be opposing the potential investment of this money into projects that are badly needed and that need to be completed throughout the country.

When it comes to the south east, the economic development or environment remains bad. It is in bad shape, but improving. For the first time in years we are seeing an appreciable pick-up in investment from abroad. The placement of an IDA Ireland regional director in the south east is making a significant difference when it comes to co-ordinating the various components of inward investment. That is not conjecture, it is reality.

I regard Waterford Regional Airport remaining open as one of the most important factors in any recovery in my constituency. The airport is operating commercial flights, including a direct flight to London Luton Airport. All of this has not been easy; in fact, it has been extremely difficult. In this regard, let me refer to the last Administration. In the case of the airport, it was a case of spectacular announcements on runway extensions costing tens of millions of euro, but it all came to nothing. Apart from the motorway, it is fair to say the last Administration left key infrastructure in my constituency, including the airport, in very bad shape. For me in the past four years, it has been a question of making argument upon argument for OPEX and CAPEX funding to remain at the airport in Waterford, even when there were no commercial flights in operation. Where does Fianna Fáil stand on Waterford Regional Airport and the money from the sale of Aer Lingus potentially being used to fund infrastructure around the country? For that matter, where do Sinn Féin and the rest of the Opposition stand? Last month, not only did commercial flights begin again but an arbitration case concerning land adjacent to the airport was finally dealt with. All planning permission and arbitration matters have been resolved. Everything is ready. All we need is the money we have been starved of for years.

One aspect of the so-called regional windfall announced last night and this morning sets off tiny alarm bells. It now seems as if the distribution of the proceeds from the sale of Aer Lingus will be dealt with in a similar manner to distribution under the strategic investment fund, which fund has not worked very well to date. Of its €5 billion to €6 billion, just over €100 million has actually been invested. It has not worked well, which is why the Department of Public Expenditure and Reform is reworking its parameters in respect of how it can be better used for investment regionally. I know about this because I amended the Bill to actually have a reporting requirement for the regional aspects in the annual report. If the Minister is planning on selling the concept of the sale to the regions, he should come up with something better than the strategic investment fund as a model. If this means testing state aid rules and the European Commission’s stance on ports and airports, so be it. If the sale advances through the various hurdles ahead and the proceeds in part are dedicated to ensuring regional connectivity, including ports and airports, nobody can ignore it in this House. Thus far, there has been a rush to condemn and oppose the arrangement for the sake of it. There have been plenty of anti-capitalist speeches and the like.

I warn the Government that when it comes to funding key infrastructure in my constituency, we are wary of aspirational policy statements. We have reason to be wary. I want to know definitively whether the projects in my constituency will be financed because of the sale, particularly as it pertains to the airport. It begs the question as to whether the Minister knew that the operation of the strategic investment fund was being completely redrawn. If he did know this, how will he ensure the proceeds of the sale will definitely go where they are needed? What is the difference between a €5 billion strategic investment fund that is not working well and a €5.35 billion strategic investment fund that is not working so well? The Minister needs to explain the difference between the positions two days ago and today and leave the aspirational stuff out of it.

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