Ivana Bacik (Independent) | Oireachtas source

Again, the nature of the share is set out in the steering group report. That share will enable the Minister to block any proposed disposal by Aer Lingus of any of its Heathrow slots indefinitely. Therefore, it is a much strong stronger protection than currently exists. I think this addresses the connectivity issue. I note that my colleague, Deputy Ciarán Lynch, pointed out the protections also for regional airports because connectivity is crucial, in particular, for regional airports. Deputy Lynch noted the assurance about retaining existing winter and summer frequencies to Heathrow. There are very specific details for seven years for the Cork and Shannon airports, in particular.

The connectivity issue is one issue. Many others have mentioned such as the branding issue. Like others, I share the emotional attachment to the Aer Lingus brand and that is quite right. I am glad we have got a legal commitment in terms of maintaining the brand, the company name, the head office location and the place of incorporation for an unlimited period, a protection the State currently does not have. Jobs were a key concern for Labour Party colleagues. Others mentioned the group of eight Labour Party Deputies who put a motion to the party conference. That motion had four issues in it which, if acquired, any taker of a bid would have to address in order to be supported. One of those issues was connectivity, which I spoke about, and another was about guarantees for regional airports. I spoke about that also. Another issue was the independent valuation of the assets of the company and ensuring the bid reflected the true value of Aer Lingus. As we know, the current bid is significantly above the original share value. The fourth issue in that motion concerned the protection of Aer Lingus workers' terms and conditions of employment. With the improved deal, IAG has agreed that a registered employment agreement will be introduced which will protect the terms and conditions of Aer Lingus employees.

Members may be aware that we have also received a copy of a letter from Mr. Stephen Kavanagh, CEO of Aer Lingus, to the Minister of State, Deputy Gerald Nash. I was one of the Labour Party members who met Mr. Stephen Kavanagh yesterday morning. In his letter, Mr. Kavanagh emphasises again the commitment to ensuring that the limited number of job losses will be met through voluntary redundancies. He has informed us that a much greater number of applications have been made for voluntary severance than would be required. The plan refers to 50 redundancies through to 2016 but to a net increase of 150 jobs by the end of 2016 and more than 600 jobs by the end of 2020. Other colleagues on this side of the House have referred to that aspect. Mr. Kavanagh's letter also gives significant assurances in terms of engagement with the representatives of the workers in Aer Lingus and also on the registered employment agreements. That is very welcome. In terms of the IASS fund, we have spoken on this issue previously and I agree with colleagues on the plight of the deferred pensioners. That is a separate issue. Clearly, that issue has been ongoing prior to the issue of the sale.