Michael Creed (Cork North West, Fine Gael) | Oireachtas source

I welcome the opportunity to say a few words on the proposal to sell the State's remaining minority shareholding in Aer Lingus. I listened earlier to Deputy Dooley's contribution. It is interesting to note that not a single member of either of the two main Opposition parties in the House is present for this debate. Deputy Dooley made an observation on the strength of the Aer Lingus balance sheet and the company's current economic status. He said the company was in a position to weather any potential storm. This was an unusual statement because the industry, by its nature, is subject to economic cycles. It may well be on an upward trajectory at present but we do not need to cast our minds back too far to recall the consequences for the aviation industry globally of the economic crash in 2008 or the crash of 11 September 2001. Just because we are currently in growth mode and fuel prices are relatively low does not mean the trend is likely to last forever.

We need to be conscious of the fact that the global trend in the aviation industry is for mergers or closer co-operation between various stand-alone brands. In a way, that is what the IAG offer is about. It allows for the ability of Aer Lingus to continue with its own management, operations and clearly well-established management team. I have had the privilege of meeting some members of that team in recent days and I was quite impressed by them.

To quote S. H. Payer, "the moment of absolute certainty never arrives" with regard to making a decision of this nature. However, on the balance of probability, this is probably the right decision and the right time to make it. Strange bedfellows are thrown up by this debate. For example, Independent Newspapers is facilitating Deputy Clare Daly with an op-ed in today's Irish Independent. The question that really needs to be asked of Deputy Daly and others who oppose this deal is whether they can be certain that over the next seven years, the connectivity secured under the present arrangement can be guaranteed by Aer Lingus on a stand-alone basis. Can they be certain that the disposal of the slots, in respect of which the agreement has legally binding guarantees, could never be contemplated by Aer Lingus as it stands?

Given the fact that the shareholder register of Aer Lingus will inevitably change because of the court decision in the UK that Ryanair must divest itself of at least 25% of its 30% shareholding, can Deputy Daly and others be sure that in the event of that shareholding being made available to the market, it would not be acquired by somebody who would not be as favourably disposed towards the issues that were clearly raised in the context of the original IAG offer in so far as we have secured arrangements around that?

People say this is rushed. When this came out of the blue last December, critical issues such as connectivity, regional development, job security and the slots were raised. Almost six months later, substantial progress has been made in respect of those issues. If the Government was trying to sell the minority shareholding in Aer Lingus against the wishes of its management and board; the chambers of commerce in Limerick, Shannon, Cork and Dublin; and very significant economic commentators, we would rightly stand back and ask whether we were doing the right thing. However, when all these people are on board, we must question whether the opposition to this deal is naked political opportunism, primarily from a party that originally sold the 75% shareholding in Aer Lingus.

I think that on balance, it is the right thing to sell the shareholding and it is the right time to do it. Insofar as we can be sure of anything, we have secured guarantees about connectivity, the slots and job security. The motives of those who oppose this deal for what appears to be nothing more than naked political opportunism dressed up as concern for the national interest or employees who have given great service to the national carrier will be seen for what they are. I commend the Minister for the patience and diligence with which he went about dealing with a particularly difficult issue.

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