In the first instance I should clarify for the Deputy that the bid process has not closed. Two preliminary bids have been received and evaluated, in accordance with predetermined criteria, by representatives of my Department, the Department of Finance, Telecom Éireann and the advisers in the strategic alliance process.
On the basis of this evaluation, the Government has decided that both of these proposals should be admitted to the second stage of the process which has already commenced and which involves detailed negotiations with both bidders and any other parties who may join them in a consortium. This process will ultimately lead to the submission of final binding bids.
In relation to employee shareholding the Government in its mandate for the strategic alliance stated its willingness to consider setting aside up to 5 per cent of the share capital of the company for this purpose. Preliminary work is under way within Telecom Éireann and my Department on the establishment of such a scheme in the context of the restructuring of the company.
It makes sense that the employees of Telecom are given the opportunity to partake in the company's future prosperity. However, the implementation and success of any such scheme will depend on the extent to which agreement and consensus can be reached on the way forward for Telecom.