Ivana Bacik (Independent) | Oireachtas source

I agree with colleagues that we should be able to see whether money can be put aside from the sale of Aer Lingus for this fund. I am certainly happy to take that up with the Government as I am sure my colleagues will also. In regard to the connectivity fund of €335 million, the Labour Party has secured agreement that the proceeds of this sale will be ring-fenced into a fund operated by the Strategic Investment Fund for investment in transport and other connectivity projects. Again, there should be a way of ensuring that money is available for the IASS pensioners, although that issue has been ongoing.

I ask colleagues to look fairly at the report of the Government's steering group. Despite my own view against further privatisation in principle, I accept the strong commercial and strategic rationale that the report makes clearly and succinctly in terms of moving forward with Aer Lingus. Somebody on the Fianna Fáil side said earlier that privatisation in 2006 was done to ensure capital investment in the company. Why do they think IAG is making this bid? IAG has indicated that two new transatlantic services will be added as early as 2016 and is talking about eight additional aircraft by 2020 and up to 2.4 million more passengers. As a small airline, significantly smaller than Ryanair, if it does not change, can Aer Lingus grow or will it be faced, as so many other domestic State-owned airlines have been, with falling back into the unprofitability witnessed in 2008 and 2009? We all welcome the current positive financial performance of Aer Lingus which is a tribute to all who worked on it. There have been periods of unprofitability in the past. The airline industry is cyclical. There have been severe impacts from different shocks and Aer Lingus is not immune from future shocks.