Results 261-280 of 4,893 for speaker:Séamus Brennan

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: The 1998 Act brought in rates for Aer Rianta, which has paid rates on all three State airports since that time. There is nothing in the Bill that changes that in any way. The question of rates on State properties is something in which the Minister for Finance takes a keen interest. It is a Government issue. It is a matter of rates policies generally and covers much more than just airports....

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Section 3 is intended to cover administrative funds and not large restructuring funds. It enables the Minister for Transport to have expenses incurred in the administration of the Act paid out of public funds subject to the consent of the Minister for Finance. These may be incurred in establishing the boards, administrative expenses like fees for establishing companies and so forth. It also...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Amendments Nos. 2, 4 and 5 would have the effect of requiring that the Dublin appointed day order would come under section 5(1). It would also require that both Ministers would have to be satisfied as to the operational and financial readiness of all three airports before making the Dublin order as well as the Cork and Shannon orders. These amendments are contrary to the policy objective of...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: As the Bill is drafted, the three plcs will be established immediately after the Bill is enacted. However, it may take a number of weeks to get through a number of procedures. As soon as is possible, the three plcs will be established and the memorandum and articles of association drawn up and agreed. On the establishment of the plcs I will sign the necessary orders for the boards to take office.

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Amendments Nos. 6 and 7 relate to section 5(3) and seek to provide that both Ministers must be satisfied as to sustainable viability and the viability of the three airports, as well as operational and financial readiness prior to the making of orders for Shannon and Cork appointed days. It is a matter for the new airport boards to draw up business plans and marketing strategies for their...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I have little to add to what I have already said. The company must consider whether it wishes to stay in the hotel business or move it on.

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: The Senator quite rightly said it could do this by building up revenue reserves but I made the point earlier that if we never made these changes the current board, or its successor if there was no restructuring, must look at some cash realisation programme. The likely targets are some of the international airports it owns because they offer substantial possible gains. There are also...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Between Aer Rianta International and Aer Rianta, there is some €30 million to €40 million in unpaid dividends. They have the reserves to pay that amount if that course of action is taken. This is a public limited company, and I confess the proposed legislation is complicated. However, the issues are being resolved and the best advice is being obtained. The Aer Rianta International option...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I want to be helpful to the Senator. I appreciate he wishes this to be an opportunity to provide information. Aer Rianta International is able to pay the dividend. I am not clear how it will fund the repayment.

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: The dividend is there and Aer Rianta International can afford to pay it. I am not clear whether the money is in the bank, in a drawer, in the reserves or elsewhere. I can check that information. It is in a position to pay the dividend, and that is part of the financial architecture of this scheme. All companies buy and sell assets. If companies buy assets, it follows that companies sell...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I am referring to international assets. Companies often make decisions about whether to sell assets, such as aeroplanes, and buy more buses, or to use €100 million to buy rolling stock, aircraft, jetties or terminals instead of locking the money in a site. These are sensible decisions. That is why investments are made. I favour maximum flexibility. Ancillary incomes are there for when State...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I am in enough trouble without going down that road.

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Amendment No. 8 seeks to delay the renaming of Aer Rianta until after the Cork and Shannon appointed day. This issue has been brought to my attention by Senator Dooley among others. I am sympathetic to this matter. However, it would be confusing if I were to allow the delay. It is better that we start as we mean to go on. The notion that Cork and Shannon authorities will be subservient to a...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Níl muid críochnaithe fós leis an aistriúchán, ach nuair a bheidh muid in ann an t-aistriúchán a chríochnú, déanfaidh muid é sin. Senator Dooley has spoken to me many times about representation on the Dublin board from Shannon and Cork. He has pressed the case very hard with me and I understand why he feels so strongly about it. I can try to meet his requirement as best I can by...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: It is not a south side Dublin bias.

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I agree with Senator Browne's analysis. The purpose of the proposed subsection (3) is to statutorily underpin two companies as permanent State companies. However, Government needs flexibility in dealing with such issues and I do not consider it wise to put it into legislation. It is preferable to retain the flexibility that currently exists. Important business issues surround both of these...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: Amendment No. 12 relates to section 7(1), which provides that the transfer of assets can be effected by the Minister, as well as the Dublin Airport authority. It would remove an added element of the flexibility to effect what will be a complex restructuring process. Amendment No. 13, which relates to sections 7(2) and 7(3), proposes to remove the power of the Minister, with the consent of the...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: I have no wish to micro-manage this or any other issue. I assure the Senator that the sooner I can get it done and dusted the better, so the boards can get on with their jobs. The amendment before the House proposes to remove the Minister's power to give a direction "in anticipation of" the restructuring. Section 7(6) is important because it adds some flexibility to a complex restructuring...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: That is not the intention. If the Houses approve legislation that provides for a restructuring process that establishes independent State airports, that is the will of the Dáil and Seanad. It will receive the presidential signature and it will become an Act. It is important, to ensure that the Act is seen through and not frustrated, that the Minister of the day, whoever that might be, is...

Seanad: State Airports Bill 2004: Committee Stage. (14 Jul 2004)

Séamus Brennan: The answer to the Senator's question is probably "Yes". The Minister could give such a direction if a board were to fail to do that. Section 8 states that restructuring will take place and the Dublin Airport authority will enter into discussions with the other airports about delegated powers and matters of that type. Senator McDowell's question is fair. If the Dublin Airport authority should...