Dominic Hannigan (Meath East, Labour) | Oireachtas source

The motion is very clear. I will set out the four key areas about which we expressed concern. We expressed concern about the fact that there was not at that stage an independent valuation of the assets of the company, in particular the Heathrow slots. We said there needed to be a firm commitment on registered employment agreements. We said there needed to be better long-term guarantees around connectivity in respect of the Heathrow Airport slots and we said we wanted to see a plan promoted for the regional airports, including Shannon Airport and its connection to Heathrow Airport. We put the motion to the Labour Party conference and I am delighted to note that we got unanimous approval for it and for getting a better deal for our key areas. That happened in Killarney.

The question now is whether we have capitulated or actually managed to get a better deal. If anyone looks at the four areas I have mentioned and takes a reasonably minded view, he or she will say that we have improved the situation in the last four months. If one takes the first issue of an independent valuation, that has taken place conducted by Credit Suisse. If it got it wrong, it can be sued. Credit Suisse looked at the Heathrow slots and come up with an independent valuation. Members might disagree with what it came up with. I might disagree, but I am not an expert. We have indepdendent valuers who have come up with a valuation and we have to go along with that. We must assume they have done their job properly. They have said the slots are worth a particular amount and, as such, we can take it that the criterion that a valid valuation be arrived at has been satisfied. The good news is that the €335 million we raise, which some had thought would go to pay off debt, is going to go to a fund to improve connectivity in transport related projects, broadband projects and energy projects. That is good news. It will mean we leverage additional funds in that area. That box can be ticked.

I do not need to talk about registered employment agreements because the Minister of State, Deputy Gerald Nash, has just outlined exactly how he sees them working in relation to the legislation he is bringing in and the role of the company and unions in ensuring agreements deliver in relation to no compulsory redundancies and the protection of pay and conditions. These are all things unions including IMPACT and SIPTU have written to us to express concerns about. I will take the Minister of State at his word that they will be protected. On connectivity and the Heathrow Airport slots, there is a guarantee as stated by the Minister for Finance that was not there before and an extension of the slots to seven years. That can be seen as a positive improvement over the original bid. On the plan to promote Cork and Shannon Airports, we have a clear outline of exactly what is intended to be done. For instance, it is intended to maintain the Cork-Paris and Cork-Amsterdam routes and to pursue growth opportunities with tourism and business interests in the general Munster region. For Shannon Airport, it is intended to look at strengthening the Aer Lingus flights outbound and at sustaining and enhancing the London City Airport service to New York via Shannon Airport. There are clear improvements there on how the regional airports will be served.

This has not been a capitulation. It is clear that there have been improvements over the original offer. The main thing we are trying to ensure is that the workers and the company are protected. I am glad to see the brand will remain in Dublin with the continued location of the headquarters here. That is a call for the Minister for Finance in the future. There are many positive benefits of the sale and, as a result, I will be supporting the motion. I will follow progress over the next year and if the unions have concerns at any stage about any slip-ups in relation to REAs or otherwise, we will be on the case. That is what we are here for. At this stage, we can allow the matter to proceed.

See this speech in context