Róisín Shortall (Dublin North West, Independent) | Oireachtas source

The Government's handling of the IAG takeover of Aer Lingus is a shambles which will have negative implications for the country. It is particularly disappointing that the Minister for Transport, Tourism and Sport who is sponsoring this proposal is a northside Minister who should know better. The matter has been characterised by spin and a complete disregard for accountability, truthfulness and due political process.

Aer Lingus has become a very successful Irish budget airline. It has served the country well by adapting to changing markets and circumstances and surviving the worst effects of recession in recent years. It is worth reminding the House of the company's strengths. It generated revenues of €1.6 billion last year, with an operating profit of €72 million. It has total assets of €1.8 billion and cash reserves of €545 million, more than any other European airline. Last year it carried 11 million passengers on its 51 aircraft. A further nine aircraft are on order and all of the indications are that it could have a bright future as an independent airline. Its record and flexibility mean that it is ideally suited to serve our air transport needs and its valuable Heathrow Airport slots have ensured easy connections between this country and most parts of the world. We have been fortunate to enjoy ease of travel thanks to Aer Lingus and these slots. The airline has also been critical for trade and tourism.

It is difficult to understand how, as a country heavily dependent on air links, it could possibly be in the national interest to dispose of critical State involvement in the ownership of Aer Lingus and agree to a takeover by IAG, the shareholder interests of which have nothing in common with Ireland's. The behaviour of the Government, its cheerleaders in elements of the media and insider interests in talking up the deal has created a fog which is reminiscent of the empty promises made at the time of the privatisation of Aer Lingus in 2006 and the flotation of eircom in 1999. I clearly recall the talk in 2006 about a golden share and the assurance that we would have blocking rights by retaining a 25% shareholding. The then Government and some commentators conveniently overlooked the fact that the concept of a golden share had already been found to be illegal by the European Court of Justice. However, when combined with another 5% shareholding or, for example, the pilots' 7% shareholding, the State's 25% shareholding gave us a veto on the disposal of the Heathrow Airport slots.

Today we were told about a B share. What exactly is a B share?

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