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Equity Stake.

Dáil Éireann Debate, Tuesday - 19 February 2008

Tuesday, 19 February 2008

Questions (263)

Leo Varadkar

Question:

354 Deputy Leo Varadkar asked the Minister for Transport the companies in which his Department holds an equity stake; the level of the equity stake; and if he will make a statement on the matter. [6639/08]

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Written answers

The Minister for Finance is the primary shareholder of the three State Airports. Department of Transport officials hold two shares and the Minister for Transport holds one share in each of the airports. The Minister for Transport holds a 20% stake in Aviareto, the company that was awarded the contract to operate the International Registry under the Capetown Convention. The authority for the Minister to acquire shares in the company was given under Section 10 of the International Interests in Mobile Equipment (Capetown Convention) Act, 2005.

The Irish Aviation Authority is a Commercial State Body established under the Irish Aviation Authority Act 1993. In accordance with Section 20(1) of the Act, the Minister was issued with one share of one pound (Euro 1.27) in the share capital of the company. This shareholding remains constant to date.

The Minister for Transport is the primary shareholder in the ten State port companies established under the Harbours Act 1996-2000 as follows:

Port of Cork Company

Drogheda Port Company

Dublin Port Company

Dun Laoghaire Harbour Company

Shannon Foynes Port Company

Galway Harbour Company

New Ross Port Company

Port of Waterford Company

Dundalk Port Company

Wicklow Port Company

The Minister's level of equity in each company is effectively 100%, with the Minister for Finance holding a nominal share in each.

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