Séamus Brennan (Dublin South, Fianna Fail)

I thank the Cathaoirleach and Senators for what has been a full debate on this legislation over almost six hours. I have listened carefully to everything that has been said and will take the issues on board and deal with them as best I can.

The issue of funds was raised. I wish to state clearly and unambiguously that there is no risk whatsoever from the bond holders in any area related to the legislation. One letter came from the bond holders to the company over a year ago. That letter was responded to satisfactorily by the company and there was no further written communication, of which I am aware, from the bond holders.

Despite announcing this policy a year ago, neither I nor my Department have had any correspondence from any banks or bond holders of any sort. If any bank or bond holder, who knew the policy I laid out 12 months ago, was owed any funds by Aer Rianta, I would have expected a letter from it pointing out its concerns. I have not had any such correspondence on the matter. No adverse reaction came from bond holders on the matter at all. In fact the money the bond holders are owed is now twice as secure, given the growth plans in place at the airports. As I argued earlier, money is probably cheaper now than it was a few years ago when the bond holders were engaged. The lending of money by bond holders to State companies is always an attractive proposition. If Senators have tears to shed, let them not shed them for bond holders who lend money to State companies. They lend it with a heart and a half. I have no concerns about the financial structure or position of the bond holders.

The issue of Dublin Airport being saddled with debt was raised. I am just leaving the existing debt where it is. It belongs with Dublin and nowhere else and I am not moving it. I am not suddenly saying to Dublin that it has all these debts. The debt is the reality of Aer Rianta's current balance sheet. The debts belong in Dublin and will stay there.

It has been suggested that this is not good legislation and that it is flawed, incomplete and rushed. The Cabinet, of which I am proud to be a member, sat on three separate occasions, with full documentation, Cabinet memoranda and information from the company, the advice of the Attorney General, my Department and the Department of Finance, to discuss this. On those three separate occasions it decided to proceed on a strategic basis with these proposals. This legislation is not the result of a hunch I came up with on a radio programme. This was the considered decision of three Cabinet meetings, having looked at all of the options.

We are changing a monopoly to a competitive situation. We are moving to a pro-consumer base and moving to attract more airlines to the airports. We are moving to give Shannon and Cork regional and market leadership. We are trying to put an end to the days when Shannon and Cork played second fiddle to Dublin Airport, which they did for too long. Down the years they did what they were told and were only allowed to negotiate routes when it suited Dublin. I am tired of a situation where Shannon and Cork are patronisingly described as some kind of kids who must be supported and who must have subsidies shovelled down to them because they cannot grow up and run their airports. I know the people of those regions are well able to do that. Approximately 90% of the people entering the country come through Dublin Airport. This is unnecessary as Cork and Shannon are perfectly good international airports. If they develop their marketing trenchantly and robustly, they will attract more of that market share.

It is important that the debts of Cork and Shannon Airports are lifted. Does any Member think I should not do that? Shannon Airport's debt is approximately €70 million. Those who believe it should be left at that should hold their hands up. Cork Airport's debt stands at €140 million. Does any Member believe I should leave Cork Airport to pay it off while still developing the airport? The burden of those debts must be lifted from their shoulders to allow them properly develop for the future. We must give up this patronising subsidisation and begging bowl attitude that is considered the norm when dealing with any place outside of Dublin. Coming from the west of Ireland, I know the mentality that because one does not come from Dublin and without the big umbrella and banks, then somehow one cannot run an airport because one is some class of a culchie who cannot make it happen. Cork and Shannon will become the most successful airports this country has ever seen.

I have no criticism of Aer Rianta. I pay tribute to the successive boards, chairpersons, chief executives and staff who have worked there down the years. We are proud of what they have achieved. However, in the 21st century it is time to move on from a monopoly situation to one of regional autonomy by putting faith, trust and confidence in the people of the regions to develop their airports. I was flabbergasted to hear Senator Quinn say what a great idea it is to keep the monopoly in place. I do not know if he would tolerate one in his industry.