Derek McDowell (Labour)

I take this opportunity to see if some clarity can be attained on the matter of the bonds and bilateral loans. Most of the facts were set out yesterday but I wish to recapitulate them briefly to ensure I am not missing anything. It has been established that there was correspondence between Deutsche Bank and Aer Rianta at the end of July 2003. In that correspondence Deutsche Bank, as the trustee for the bond holders, expressed concern about the lack of certainty in the Government proposals and the impact they would have on the companies into the future. It sought a reassurance from Aer Rianta that the bonds were sound and, in effect, that the company would be restructured in the context of solvency.

I want to ask the Minister a number of specific questions. First, will he reiterate what Aer Rianta said in that correspondence, namely, that it saw the restructuring as taking place in the context of solvency and therefore not being an event in default? Second, will he put on record whether he has had any intimation from Deutsche Bank, acting as trustee, or from the creditors generally, either in respect of the bonds or the bilateral loans, that they would regard any of the events contemplated by the Bill as events in default? Third, has the Minister any indication from Aer Rianta that it is concerned that the creditors might regard the events anticipated by the Bill as being events in default that would cause it to get into a spiral which might ultimately result in insolvency?