Dáil Éireann debate -
Tuesday, 2 Dec 2003

Vol. 576 No. 1

Written Answers. - Future of Aer Rianta.

Róisín Shortall

Question:

265 Ms Shortall asked the Minister for Transport if he will make a statement on his role as shareholder of Aer Rianta and on the impact of its proposed break-up or his fiduciary duty to protect the shareholders investment in the company in view of its predicted loss in value arising from the break-up. [29190/03]

Minister for Transport (Mr. Brennan)

Aer Rianta is a 100% State-owned commercial company and the Government made the decision to restructure it in July. Implementation of the decision is proceeding apace in my Department. The work is led by a project steering group on which the Department of Finance is represented.

I do not accept that the restructuring of Aer Rianta will damage shareholder value. The new arrangements are designed to strengthen and expand each of three airports and to give both Shannon and Cork a fresh debt-free start under strong and visionary leadership. All three airports can perform even better than they have to date. Through a more focused commercial operation each can play a greater role in stimulating and supporting regional and national economic activity to the benefit of their customers, airlines and passengers and tourism, trade and industry. As part of the commercial and legal arrangements for restructuring my Department has retained consultants who will advise me on all aspects of the transition process.