Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The valuation of assets has to be dealt with in the financial accounts that the port produces each year. It could be considered at the point of integration. The financial accounts will provide the valuation of the assets.

What happens to liabilities will depend on the mode of integration of the company into the local authority. If it goes in as a stand-alone company, both assets and liabilities are retained within that company. If it is integrated completely, they are dissolved into the broad balance sheet of the local authority.

As I have said, assets must be monetised in the financial accounts that the port has to provide under company law. If any further work needs to be done, going back to Senator O'Neill's earlier point, expert advice would need to be brought in. The Bill is absolutely consistent with company law. The chief executive would not be a member of the board of directors if the port was integrated into the local authority as a stand-alone company.