I move amendment No. 1:
In page 3, before section 3, to insert the following new section:
"3.—The Minister for Finance shall, notwithstanding any disposal of his shares in the Company, retain a special share in the Company to which shall be attached the following rights exercisable by the Minister with the consent of the Government:
(a) no sale or disposal of shares in the Company, and
(b) no sale or disposal of strategic shipping services (as may be determined by the Minister from time to time).
shall take place unless the terms thereof have been approved by Dáil Éireann.".
I have tabled this amendment which is similar to one tabled in the other House, mainly to emphasise again to the Minister the concern from many quarters about the lack of retention, if you like of a golden share. The Minister in his response to Second Stage referred to this and he knows, indeed better than I do, the concern expressed on this matter, particularly as it appears to be a departure from precedent when one looks at the structures that were put in place in relation to previous privatisation measures of commercial semi-State companies over the years.
I know the situation is not exactly analogous with anything that has gone beforehand but given the fact that £35 million of the taxpayers money is being written off and there will be a net loss if you subtract or assume the £8.5 million we may get from Irish Ferries if the performance clause is not called into operation, there is still a large loss to the taxpayers, ignoring the investment over the years that would be written off effectively at this stage. For that £26.5 million net, could not equity to that amount be claimed under section 2 of this Bill by the Government of the day to use that effectively as a golden share or a State equity in the new company even for five, six or ten years just to monitor performance and ensure that the agreement entered into with SIPTU and the B & I group of unions, which I applaud as does the Minister, works as it is intended to work and that there are no hiccups? Is there not a case for the Minister even to claim equity to the value of what he is writing off even over a short term — he can always release that equity again at another stage if needs be — to protect the workers and in the interest of a peaceful transfer to the Irish Continental Group of B & I?