The Government is committed to retaining a minimum shareholding of 25.1 per cent in Aer Lingus indefinitely, Minister for Transport Martin Cullen insisted. "It may well be more that that, but I am obviously waiting for the final analysis from the advisers with regard to that position."
Fine Gael spokeswoman Olivia Mitchell said all shareholders and stakeholders, particularly those who worked in Aer Lingus, were entitled to know precisely what the Minister was proposing.
While the minimum figure had been placed in the public domain, she pressed the Minister to say how long the State intended retaining a strategic interest in the company.
"What is the Government's long-term strategy in respect of the ownership of the airline? Is it the Government's intention to put forward a strategy that will allow it to retain a minimum of 25.1 per cent going forward? Or is it intended that this will merely form part of an exit strategy?"
Denying it was part of an exit strategy, Mr Cullen claimed "the deputy is anticipating that we may be in power after the next election". In that event, the position would not change, he said, adding that the shareholding could be more in the initial stages, providing the Government with some headroom.
Ms Mitchell asked if, in the event of a further flotation of the company within the lifetime of the Government, it was the Minister's intention to buy sufficient shares to maintain a 25.1 per cent stake in the company.
Mr Cullen said she could be absolutely certain there would not be another flotation of the company in the Government's lifetime.
Earlier, Mr Cullen said retaining a significant shareholding would protect the company's key strategic interests.
