The sale of B & I to the Irish Continental Group plc. in early 1992 was the subject of a share purchase agreement, the contents of which cannot be disclosed for reasons of commercial confidentiality.
During Committee Stage of the B & I Line Bill, 1991 the then Minister for Tourism, Transport and Communications informed the House that his Department had signed an agreement with the Irish Congress of Trade Unions and the B & I Unions on matters relating to the sale of B & I to Irish Continental Group. He placed that agreement on the record of the House on 17 December 1991 as reported in Volume 414 No. 8, columns 1681-1683.
In 1994, functional responsibility for matters arising generally in relation to international ferries was formally transferred from the Minister for Transport, Energy and Communications to the Minister for the Marine. Since then, successive Ministers have, in the context of what I consider to be the Department's brief to develop supportive and sustainable frameworks for the Irish shipping sector, endeavoured to determine how various expressed concerns arising from the privatisation of B & I might best be met. I am satisfied in this regard that everything realistically possible and feasible has been and will continue to be done.
In the context of the frameworks mentioned above, over the past number of years I have been reviewing ways in which the operating climate for the shipping sector can be enhanced to support the objectives of increased employment, improved services, standards modernisation and the ability to compete of the Irish-registered fleet including Irish Ferries vessels. The strategic objective, in line with overall EU objectives, has been to ensure that Irish shipping companies meet international competition under comparable cost conditions and to stem flagging out from the Irish register of flags of convenience where costs are considerably less.
The intention has been to ensure the maintenance and creation of employment in the sector and to facilitate productive investment to modernise and expand the fleet.