Jim McDaid (Donegal North East, Fianna Fail)

Most of the amendments being considered today have arisen from the debate in the Dáil. I appreciate the Senator's point of view. There is no question about the brain power in both Houses of the Oireachtas. Unfortunately the Minister for Finance is the main shareholder in the airline.

I am informed that in the case of Eircom it was stated the Minister could not dispose of any shares in the company other than as provided for in the relevant legislation without the general principle of the sale being laid before and approved by Dáil Éireann. For the information of the Senator, that is a standard regulation.

The Minister for Finance is the main shareholder in the airline and he has been given the powers to enter into one or more agreements in connection with the issue of shares in the airline, subject to consultation with the Minister for Transport. Similarly, the agreements may cover a wide range of issues, including representations, warranties and indemnities in connection with the sale of the shares in the airline. Section 3(5) states: "The Minister for Finance may not dispose of any share in the Company without the general principles of the disposal being laid before and approved by Dáil Éireann." The Government accepted that part of a Fine Gael amendment in the Dáil.

I acknowledge the point made by the Senator about approval by both Houses but that would set a precedent. On previous occasions such as in the cases of Eircom, ACC and ICC, that precedent was not established. It is not a case of it being the Dáil versus the Seanad; it is a case of it not being necessary. The Minister for Finance will bring it before the Dáil but it is not necessary for it to come before this House.