Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

While I believe we have gone over much of this ground, in respect of amendment No. 45, the memorandum and articles of association are a requirement of the Companies Act to which Irish Water is subject in respect of governance. This is the reason I must oppose amendment No. 45. The key arguments made with regard to Irish Water-Uisce Éireann pertain to privatisation, and people on all sides of the House have expressed to me their worries that there would not be and cannot be, privatisation of the company. I refer to section 39 of the Bill, as amended on Committee Stage, which is on page 30 of the Bill as published. This is a Government amendment that was accepted by virtue of the votes yesterday. It states the Act of 2013 is amended in section 5 with the provisions, "The Board shall not alienate the share issued to it in accordance with subsection (4)", "The Minister shall not alienate the shares issued to him or her in accordance with subsection (4)" and "The Minister for Finance shall not alienate the shares issued to him or her in accordance with subsection (4)". This means this legislation, by way of a Government amendment, in the view of the Attorney General is copperfastened to the effect that it cannot be privatised.

In other words, the shares cannot be sold or alienated.