Sean Barrett (Independent) | Oireachtas source

We need stricter rules for trustees. Some seem to want to have a bigger hole in their pension funds than others. When Senator Darragh O'Brien raised this issue first, he said, to his credit, that this was part of the sale of Aer Lingus and that the company was being fattened up. I regret that I did not take those comments more seriously at the time because the major beneficiary is now British Airways, which has acquired Aer Lingus for a song. We no longer have a national airline and British Airways now has a monopoly from Heathrow to every airport on the island of Ireland. The Minister of State made reference to unintended consequences but the slide on the pension fund started a process which has resulted in British Airways being left with a broad smile on its face, having acquired Aer Lingus for a very small price. We must pay attention to how trustees can become, as some aggrieved pensioners would argue, agents of management and do not act in the long-term interests of the members of pension schemes. Whatever the cause, the consequences are not good for this outer, offshore island. Senator Darragh O'Brien was a good prophet in terms of what lay ahead in this situation.