To ask the Minister for Transport if he will confirm that flotation decision on Aer Lingus will be made prior to the summer recess.
- Olivia Mitchell.
For WRITTEN answer on Tuesday, 4th April, 2006.
Ref No: 12808/06
Answered by the Minister for Transport,
Martin Cullen, T.D.
As the Deputy will be aware, in its decision of 18 May 2005 the Government agreed to the State disposing of a majority shareholding in Aer Lingus provided that both myself and the Minister for Finance are satisfied that this level of disposal is warranted on foot of the analysis prepared by the Departments' advisers for the transaction.
Following consideration of the report prepared by the advisors appointed by the Minister for Finance and I, and following agreement with the Minister for Finance, I brought proposals for the implementation of an investment transaction for Aer Lingus to Government today and Government noted these proposals.
The investment transaction will be implemented as early as possible by means of an initial public offering of a majority of shares in the company, subject to the State retaining a stake of at least 25.1% of the company to protect the State's strategic interests.
In accordance with the provisions of the Aer Lingus Act 2004, the general principles of the sale will be laid before Dail Eireann for approval, before the summer recess.