I move amendment No. 1:
In page 5, before section 5, to insert the following new section:
5.—(1) EirGrid may not, without the approval of the Minister given with the consent of the Minister for Finance, acquire, establish or dispose of subsidiaries or invest in other undertakings.
(2) Without prejudice to EirGrid exercising any of its functions, a subsidiary of EirGrid may exercise such and so many of EirGrid's functions as are provided for in the memorandum and articles of association of the subsidiary.
(3) An alteration in the memorandum of association or articles of association of a subsidiary of EirGrid shall not be valid or effectual unless it is made with the consent of the Minister.".
I am introducing this amendment following consultations with EirGrid and the Office of the Parliamentary Counsel. This amendment does not represent any change of policy but rather provides a clarification of the powers of EirGrid's subsidiaries in respect of the performance of their functions with regard to the east-west interconnector. This amendment, which was drawn up in consultation with the Office of the Parliamentary Counsel, is intended to eliminate any legal uncertainties regarding subsidiary companies and avoid any potential delays in the commissioning of the east-west interconnector by 2012.
Following the discussions in the Dáil on Second Stage, I am aware of, and grateful for, the support around the table for expediting this east-west interconnector as soon as possible. In proposing the amendment, I am aware that it will apply generally to any future subsidiary of EirGrid. The amendment, therefore, includes checks and balances to ensure that the subsidiaries will not take on additional functions or powers without ministerial consent.