I propose to take Questions Nos. 18 and 58 together.
Since my appointment as Minister for Labour I have had numerous meetings with representatives of the staff in Great Southern Hotels, the most recent of which was on 1 February. At all these meetings I have clearly stated that my primary concern is to secure the long-term future of the group and its employees.
With the commitment and effort of all those involved — the board, management and staff — the group has now reached the stage where a substantial capital injection is needed to maintain its commercial momentum, to increase profitability and to enable it to make its full contribution to tourist development. This, in turn, should help to maintain and increase employment and to provide a solid basis for further growth.
While retained profits can be a partial source of funding they are not sufficient to provide the necessary capital to carry through the board's proposed development programme. Thus, other avenues have to be explored. The board has put forward certain proposals and I am considering them at the moment. As I stated in this House on 8 February, there are several possible options such as joint venture or Stock Exchange flotation — each with its own particular merits. I am looking at all possibilities.
I am on record as saying that we shall do all we can to hold the group in majority State ownership. I have explained the position in detail to the staff representatives and others concerned.
I am also on record as saying that my plans for the group will be entirely in accordance with the Programme for National Recovery and the Programme for Government.
I hope to be in a position to put proposals to the Government shortly which will be in accordance with the assurances I have given to the staff representatives.