A Government decision of 14 December 1999 authorised me to initiate a process leading to an initial public offering of shares in Aer Lingus. Following that decision, the necessary advisors to facilitate the implementation of the transaction were engaged. The Aer Lingus Bill, 2000, to provide the legislative framework for the IPO was published and passed through the Seanad last summer. Discussions were also initiated last year with the Aer Lingus unions on an increased shareholding of 9.9% of the company for Aer Lingus employees in addition to the current employee shareholding of 5%. While significant progress was achieved, these discussions were suspended last summer as a consequence of industrial relations problems in the airline. These problems which continued into 2001 combined with prevailing market conditions have delayed the implementation of the IPO. A further influence on timing of the IPO is Aer Lingus performance in 2001.