Diarmuid Wilson (Fianna Fail)

That is understandable. Under the stewardship of the chief executive officer, Aer Lingus embarked on a radical restructuring of the company and the board, management, staff and unions at the airline should be complimented by all of us on the manner in which they have addressed the problems. Aer Lingus is expanding its role across Europe and has returned healthy profits in recent years. From being on the brink of bankruptcy in late 2001 when the company registered a loss of €52.1 million it had an operating profit of €63.8 million in 2002 and a profit of €78.5 million in 2003. As my colleague, Senator Dooley, said earlier, it is well on target to make a profit of €90 million this year. That is against the backdrop of the war in Iraq, the SARS scare and other difficulties. It is, therefore, good news for the company.

The airline operates 42 routes as it did originally. A further nine routes have been established this year which must be welcomed by all of us. Senator Dooley outlined a concern that Aer Lingus may be bought by one of the larger airlines if floated. His fear that four or five of the bigger airline companies could act as a cartel is justified. It is conceivable that we in Ireland could end up with no direct access to North America and may have to fly to London or Paris to join a connecting flight. That is a genuine fear.

In his contribution Senator Ross suggested that Aer Lingus is a company in crisis. I do not agree with him. As I have pointed out to him it is financially sound and viable. He said the acting chairman did not want to stay with the company. I do not believe that is correct. He said the Government was having a difficulty in appointing a chairman. I do not believe that is correct. He said 1,600 people would lose their jobs. That is incorrect. A voluntary redundancy package is on offer and is over-subscribed. He said the resignation of the chief executive officer and his two colleagues was a disaster. However, in this contribution the Minister stated:

I make it clear on behalf of the Government that the recent developments will not deflect any of us from the necessary measures that need to be implemented in respect of Aer Lingus at both the operational and strategic levels. By the operational level, I mean that it will certainly be a matter for the board, management and trade unions to work through the implementation of the business plan by direct engagement with staff representatives and, where appropriate, with the assistance of the State's industrial relations machinery.

He said the resignation of the chief executive officer and his colleagues is not unusual in any company. It is not unusual for Aer Lingus, it has happened before and, possibly, it will happen again. The main issue here is that Aer Lingus needs finance which it will have to get either from the private sector or the Government. The best place to get it is from the private sector but the Government should hold a major share in the company.