I would like to continue the points I was making before I reported progress. I want to reassure the House that it is the intention of the Government to give full recognition to the special position of the workers and beet growers in making available to them preference shares at discount rates. In addition the company have agreed, in consultation with the Government — this is very significant — to make loans available to the workers at 10 per cent interest rate for the purchase of the shares, which will in any event be at a preferred level and not at the level that would prevail on the open market. As I mentioned already, the interest on these loans will be tax deductible. I mentioned that particularly to Deputy Sherlock who was understandably anxious to be reassured that workers would be not only interested in but able to acquire the shares.
I addressed another point from Deputy Kavanagh and I will reiterate the position so that there will be no doubt as to the exact breakdown of shareholding. The shareholding of the Minister for Finance will be 45 per cent. In addition, the Minister for Agriculture and Food will hold a special share — we will debate that in a moment when we come to that section — which gives power to protect a whole range of issues that will ensure that the interests of the company, the workers and the beet growers cannot be undermined. When dealing with the special shares I will outline in detail what they are.
In addition — this is unprecedented, although what we are doing is new and therefore everything in that regard is unprecedented — shares will be made available to the workers and beet growers at a preferred level. Discussions are continuing on an additional percentage to be made available to one or other of these categories. I hope that clearly demonstrates that the Government are getting the balance right. We want to have sufficient shares to offer to the market on flotation. We want to be able to attract funds for the development of this new company, Greencore, and also to return a dividend to shareholders. This is the purpose of this exercise. From what I have just said it should be evident that we have not only demonstrated our goodwill but much more than that, because it is not just a matter of soft words and sweet music: we have put it into practical, binding effect in most instances in terms of the legislation I am now asking the House to adopt but also supplemented by the articles of association of the company. It should be clear that any talk of the sugar quota being disposed of — we will come to that in a moment — is out. I cannot stop people from suggesting it but it is not even a remote risk. There is no fear of multinationals gobbling up the company with workers and beet growers not being protected. I hope I have demonstrated that what I always proposed to do — and Deputy Kavanagh's suggestions — are exactly in line.