Timmy Dooley (Fianna Fail)

Like my colleagues, Senators Browne and O'Toole, I raised this matter on Second Stage, following conversations with the members of two groups, some of whom had retired, as they had no choice but to do so in line with standard retirement regulations. Effectively, they could have been excluded from the share option programme. The difficulty for them was that they had taken certain actions in latter years in not getting the pay increases they had expected. They had agreed to remain on their then rates of pay. They had also changed working conditions. Effectively, they had bought into a programme that would ultimately see them receiving their reward at a later stage through the issuance of shares. Through no fault of their own but purely as a result of delays associated with the publication of the Bill and its subsequent withdrawal, they found themselves at a distinct disadvantage. I am pleased that the work done by Senators O'Toole and Browne behind the scenes with the Department will ensure they are not excluded, although I recognise there is work to be done to get agreement from all parties.

I understand another group will also be catered for in this regard — those being asked to take voluntary redundancy. This applies particularly to Shannon Airport where there is a proposal from Aer Lingus management, with which I disagree. Not having a controlling interest in Aer Lingus there is little I can do other than voice it here. Some 104 of the workforce of 208 have been asked to opt for voluntary redundancy. This would have a devastating effect on the airport and the presence of Aer Lingus but that is a matter for discussion another day. The most important object of this debate is to protect those workers in any way we can. It is important, if they opt for voluntary redundancy, that they will be in a position to avail of any shares which will be made available by way of a share issue. Many, who may have family and children settled in a particular area, will potentially make the ultimate sacrifice by accepting voluntary redundancy at a time when their futures are not definite. While some media elements have referred to this as a windfall, it is not and will be quite small for those in their late twenties or early thirties who have mortgages and car loans to pay.

I hope they can be accommodated in some way because many of the redundancies are expected before the passage of the Bill. I assume the provisions which apply to those who have already retired under normal retirement procedures will apply particularly to those at Shannon, which is the only area within Aer Lingus where there is a current request for redundancies. I look forward to the Minister of State's comments in that regard. I compliment the Minister of State and his officials, who have worked hard to identify a solution to this important matter.