Results 921-940 of 1,683 for speaker:Derek McDowell

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

Derek McDowell: Will the memorandum and articles of association for the Cork and Shannon companies be submitted to the Companies Registration Office and the companies established before any of the appointed day orders are made?

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

Derek McDowell: I would like to use these amendments to tease out some of the viability issues on which we touched earlier, in particular the capital reserves to which the Minister referred at some length. What is the situation? My understanding is that it is not possible to distribute any of the assets from Aer Rianta, as it is constituted, to Cork and Shannon because the reserves do not exist to permit...

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

Derek McDowell: I disagree with the Minister's last point that this gives us time and space in which to work out the change. It does nothing of the sort. It seems to do the exact opposite by putting a gun to the head of the boards to realise assets quickly and give effect to what will then be the Act. The Minister points out that it would be possible to grow revenue over time on which to build up the capital...

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

Derek McDowell: That is not really an issue. It must do so in order to divest itself of Cork and Shannon.

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

Derek McDowell: Can the Minister put a number on that?

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

Derek McDowell: We have received as much information from the Minister as we are going to get. We are making a decision by proxy to dispose of some of Aer Rianta's assets. It is a pity we are doing so without adequate debate because the board will not have much choice when push comes to shove. Will it be necessary for Aer Rianta International, as a subsidiary of Aer Rianta plc, to borrow to pay its parent...

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

Derek McDowell: Will Aer Rianta International borrow or use other reserves?

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

Derek McDowell: I agree with that, but does the Minister of Arts, Sport and Tourism, Deputy O'Donoghue, think the Great Southern Hotel in Killarney falls under the same category?

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

Derek McDowell: They are important. Clontarf bus garage is a valuable site. It causes much hassle for people who live nearby. I do not think they would be overly upset if Dublin Bus were to divest itself of that.

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

Derek McDowell: This is different. I agree with the general philosophy outlined by the Minister that if a company acquires assets it must also dispose of them, particularly when they were acquired as a business proposition. However, this is a different matter. It involves a company divesting itself of some assets so that it can divest itself of more because of company law. That is a peculiar situation. It...

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

Derek McDowell: I move amendment No. 8: In page 8, subsection (1), lines 1 and 2, to delete "on the Dublin appointed day" and substitute "after the Cork and Shannon appointed days". This amendment refers to the name change. As it stands, the name change will occur immediately. We suggest Aer Rianta should remain the name of the holding company until the Cork and Shannon companies are up and running so as to...

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

Derek McDowell: Ba mhaith liom cúpla focal a rá mar gheall ar an leagan Gaeilge den ainm atá ar an aerfort. In Alt 6, deir sé in the English language, Dublin Airport Authority or in the Irish language, Údarás Aerfort Bhaile Átha Cliath. Mar atá ráite ag an Aire anois, ceapaim go mba cheart go dtabharfaí "Aerfort Átha Cliath" ar Aerfort Bhaile Átha Cliath. Ní aerfort na cathrach é ach aerfort...

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

Derek McDowell: The Minister brought it up and because it is the last day I thought, what the hell. I am not suggesting we return the Bill to the Dáil.

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

Derek McDowell: I move amendment No. 10: In page 8, between lines 6 and 7, to insert the following subsections: "(2) The Minister shall remain as the main principal shareholder of the Dublin Airport Authority and after their appointed days the Cork Airport Authority and the Shannon Airport Authority subject to the provision contained at section 10 (4). (3) Aer Rianta International and the Great Southern...

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

Derek McDowell: In response to colleagues who made the point about Aer Rianta International, the purpose of subsection (3) of the amendment is not specifically to give ownership to Dublin as opposed to Shannon or Cork; it was intended to ensure State ownership would continue. Reference is made to the Dublin Airport authority as the successor company to Aer Rianta plc. I accept it is a case of belt and braces...

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

Derek McDowell: I move amendment No. 12: In page 8, subsection (1), lines 43 and 44, to delete "or by the Minister under subsection (2), or by a combination of both". This legislation, when enacted, will mandate the company to do certain things, to transfer certain assets and to set up the companies in the way that has been set out in the restructuring programme. Having given the mandate to the company, it...

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

Derek McDowell: I take a similar view to that of Senator Browne. This section, as drafted, gives the Minister more than extra comfort, in essence. He will be given absolute power, in effect, to dictate the way in which the restructuring is due to happen. We need to strike a balance between giving the interim boards a certain measure of discretion in deciding how to set the thing up and allowing the Minister...

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

Derek McDowell: There is concern about issues which might not be directly related to restructuring. I refer to issues relating to the second terminal, for example. The Minister may choose to give directions in respect of the second terminal or pier D. He may well tell me that he already has the power to do that. I am not sure that he has such a power, but he might clarify the matter. The Minister might say...

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

Derek McDowell: I would like briefly to tease out an issue. The only discretion the board of the Dublin Airport authority will have will be linked to the capital reserves issue, which we discussed earlier. As the Minister rightly pointed out, the board of the authority will not legally be permitted to transfer some of its assets until the capital reserves issue has been sorted out. A board which is not eager...

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

Derek McDowell: It is unlikely the airport authority would go so far as to refuse to divvy out the airports but it is possible that it might not take the other consequential moves necessary to make the airports viable. This is where the difficulty arises and it is in such a situation that the Minister might find himself tempted to intervene to direct a sale of assets.