Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I agree broadly with the point made by Deputy Richard Boyd Barrett that no local authority chief executive alone should have the power to dispose of shares in a port or harbour. That is why I have two particular provisions in the Bill. The first provides that such a disposal could only happen with the consent of the Minister for the Environment, Community and Local Government, the Minister for Public Expenditure and Reform and the Minister for Transport, Tourism and Sport. Consent would have to be sought from Departments before such a share disposal could happen.

The second condition is perhaps more fundamental. It provides that such a disposal could never exceed 49% of the available shares within the company. The assets of importance to the country such as airports and ports should remain in majority public ownership. That is the reason for the provision. I differ strongly from the Deputy when he implies that because something is a public asset or seeks to deliver an amenity value, it does not have to be aware of commercial challenges or deliver on commercial mandates. Any facility or asset run by the taxpayer or privately has to be aware of its ability to fund itself and meet needs for any company in public ownership. Such facilities have to be able to pay their way. They have to be able to raise money to cover their own costs and pay for investment they look to deliver.

That leads neatly to the specific question posed by Deputy Mary Mitchell O'Connor. The short answer to her question is "Yes." If a company transfers, the assets and liabilities remain within it. If it is completely integrated into the local authority, they will be integrated into the local authority.

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