I propose to take Questions Nos. 7 and 8 together.
The Government's shareholding is in the Aer Lingus Group. TEAM, in turn, is a 100 per cent wholly owned subsidiary of the group. While my approval, given with the consent of the Minister for Finance, is required under section 14 of the Air Companies (Amendment) Act, 1993 for the establishment of a subsidiary, there is no such statutory requirement for the disposal of a subsidiary. However, it is an administrative requirement that proposals regarding major disposals would be brought to my attention and that of the Minister for Finance as shareholder. No such proposal has yet been made to me in regard to the disposal of any shareholding in TEAM.
The conduct of negotiations with potential investors in TEAM Aer Lingus are matters for the board and management of the Aer Lingus Group.
I have been aware of the process of identifying possible investors engaged in by the group. This process has reached the stage where management has identified its preferred investor but, due to legal issues and shareholder requirements on the part of the investor, is not in a position to identify the party until later this week. In this regard I am advised a meeting scheduled for today with union representatives has been postponed until next Thursday. Once in a position to reveal its preferred investor, management must continue and intensify consultations and negotiations with staff interests in order to finalise a suitable proposal for consideration. The board must in turn refer the proposal to me. I have insisted in my meetings with the unions and representatives of the company that the proposal must take account of all relevant issues affecting the future of TEAM. Any proposal from the board will be considered by me on its merits, having regard to the interests of all parties.
My prime concern in examining any proposal from the board regarding TEAM is to ensure a long-term viable future for the company. Furthermore, I will seek to ensure that the prospects for maintaining and strengthening employment opportunities at TEAM are maximised. More importantly, I will insist that employee rights are fully guaranteed and considered in any proposal. For these reasons, I am willing to examine any proposal which the board may put before me.