Dáil Éireann debate -
Tuesday, 16 Dec 1997

Vol. 485 No. 2

Written Answers. - Employee Share Option Plan.

Ruairí Quinn

Question:

17 Mr. Quinn asked the Minister for Public Enterprise the progress, if any, she has made to date in the discussion with a company (details supplied) with a view to determining a framework whereby negotiations on the employee share option plan in Telecom Éireann can be restarted in order to allow the employees of the company to acquire 14.9 per cent of the shares of the company; and if she will make a statement on the matter. [22800/97]

Minister for Public Enterprise (Mrs. O'Rourke)

I met the presidents of both KPN and Telia, the strategic partners in Telecom Éireann, in October last for discussions which included ways and means for advancing the proposed employee share ownership plan — ESOP — for Telecom Éireann employees.

Last week, following consultation with the strategic partners, a draft memorandum of agreement to enter negotiations on concluding an ESOP and other related matters was forwarded to the union coalition for their consideration. This document sets out, from the shareholders' point of view, the guiding principles which will govern the negotiations.

Officials of my Department have arranged to meet the union coalition later this week to begin detailed negotiations with a view to early agreement on an ESOP. My Department will be keeping in close contact with the strategic partners as this matter progresses.