Vol. 504 No. 2
126 Mr. Yates asked the Minister for Public Enterprise if the same principles and opportunities of an employees' shared ownership programme as have been offered to other employees in State companies under her aegis will be made available to employees of the Great Southern Hotel Group as part of a share sale in the enterprise. [11619/99]
127 Mr. Yates asked the Minister for Public Enterprise the valuations placed on the property of the Great Southern Hotel Group; if she has satisfied herself that the book value represented in the annual Aer Rianta accounts is accurate; and if she will conduct a review to ensure that a proper assessment has been carried out. [11620/99]
128 Mr. Yates asked the Minister for Public Enterprise if she will initiate a specific and separate study into the future of the Great Southern Hotel Group as opposed to the needs of Aer Rianta in order to maximise the potential of the hotel group in terms of its contribution to the economy, the hotel sector and the security and prospects of its employees; and if she will make a statement on the matter. [11621/99]
I propose to take Questions Nos. 126 to 128, inclusive, together.
The chairman of Aer Rianta submitted a report to me on the future strategic direction of the Aer Rianta Group on 15 April 1999. The future of the Great Southern Hotel Group, a wholly owned subsidiary of Aer Rianta cpt., has been included in that report and therefore all options in relation to the Hotel Group will be considered in that context. The Minister for Finance and I have jointly appointed a team of advisers, led by Warburg Dillon Read, to assist us both in our examination of the Aer Rianta report and to advise on the full range of recommendations made in that report. I do not have any plans for a separate study into the future of the Great Southern Hotel Group. It is expected that the consultants will take about two months to complete their work. Adequate time will be allowed for the staff of the Great Southern Hotel Group to consider their own future and to make their views fully known, in a consultative way, before any final decisions will be taken on this matter.
In relation to employee share ownership schemes in commercial State companies, I have already stated that such schemes will be considered on a case by case basis with the best interests of each company in mind and that remains my position.
In regard to the valuation placed on the hotel group, the position is that valuations are carried out on behalf of Aer Rianta every five years by property valuation consultants under specific criteria set down in accordance with accounting standards. The last valuation was undertaken in 1994 and the Aer Rianta group accounts are based on that valuation. A further valuation is due to be carried out later this year and will be particularly necessary in the event that the proposal by Aer Rianta to exit from the hotel business is approved by the Government.
