Joe O'Toole (Independent)

This is exactly what we have seen. When we discussed this issue months ago we asked if somebody could point out a privatisation either here or in the UK that has worked. What is extraordinary about the Aer Lingus case is that there was unanimity on the left and on the right of political comment that this was a bad deal and it has proven to be a bad deal. We are seeing the same thing happen that happened in Eircom. We are seeing the company being shoved off at rock bottom prices. We are seeing huge profit taking, millionaires being created and we will then see asset stripping and no doubt the company will come back onto the market in one form or another.

In the meantime we are creating a duopoly or a monopoly and prices will be screwed up again so that profits are increased and the consumer pays. At the end of the day we will try to sort it all out in a couple of years' time by some form of regulation. It is an appalling episode in management. We need to discuss this issue, put our views on the table and talk about it. I do not come from the philosophical position of being anti-privatisation. That is not what I am talking about. I am talking about the practicalities and the realpolitik, ordinary people, consumer rights and where we are going in terms of managing the economy.