Fergal Browne (Fine Gael)

I move amendment No. 2:

In page 4, to delete line 36 and substitute the following:

"(a) issue shares in accordance with the Companies Acts as part of one or more than one employee shareholding scheme, and shall be deemed always to have had the power to issue such shares, and".

The subject of this amendment deals with the main substance of the debate on Committee Stage, in which members of all parties participated. I wish to pick up on a few points the Minister of State made then. He indicated he would raise the matter with the Minister of Transport to enable him to discuss it with his Government colleagues. Have there been developments in that regard?

Provided that everything goes according to plan and the Bill is finalised today, I am sure it will be enacted quickly. The Minister said that the trustee is anxious that the Bill be enacted as soon as possible so that the ESOP can subscribe for the additional shares with a view to making allocations immediately thereafter, thereby ending the accumulation of levers without share allocations. Notwithstanding the above, the trustee has not formed any definitive view on whether a change of the rules is appropriate. Can the Minister of State specify a timeframe as to when the ESOP will subscribe for the additional shares once the Bill is passed?