Seanad debates

Friday, 19 December 2014

Water Services Bill 2014: Committee Stage

 

4:30 pm

Photo of Jim WalshJim Walsh (Fianna Fail) | Oireachtas source

No, the Minister owns the company. The assets can be disposed of by a decision of the board or perhaps the CEO, depending on what rules are in place for the governance of the company. The assets can be sold by any company without reference to the shareholders. I have had ownership of companies in the past where we sold the company by selling the shares in the company. I have also seen situations where we sold the assets of the company, rather than the company. That is quite common in normal commercial trading. Often, it hinges on the wishes of the purchaser as to what will suit their requirements.

This is the point that the Minister has not referred to in any of his replies. This section deals exclusively with the ownership of the shares, and even if this was enforceable it would do nothing to safeguard the assets. That is the reason we must have it embedded in the Constitution in a properly worded amendment stating that the supply of the water and all of the infrastructure remains in the public ownership. I believe the Minister shares that view. It is in our interest to do that now, because there is a possible scenario over which neither the Minister, I nor anybody else in this House will have any control. Lenders could get securitisation, which I have no doubt they will as a condition for the significant sums of millions that are due to be invested in the infrastructure. We have all seen what happened with the banks, how assets were secured and how people's houses were taken from them. People did not realise that in the past. We must learn from these things and ensure that we safeguard what is a natural resource in the interests of the Irish people.

I welcome the Minister's response to Senator Byrne, that if we can propose a properly worded amendment he will seriously consider it. However, there is also an onus on the Minister and his Department to consider what might be appropriate to meet the concerns we have in this regard, and I appeal to him to do that.

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