The KPMG report recommended that the location of the headquarters of the new single port company would be a matter for the new executive but that operational management should be located at Foynes, while Limerick should have the administrative and commercial responsibilities.
Following publication of the report, I, as shareholder, decided that certainty was required regarding where the headquarters and executive location for the new port company should be. Out of the combined business of the two companies the facilities over which the most business influence can be exerted by the new port company are at Foynes. In addition, the thrust of Government policy is away from centralisation in the major towns and cities. I explained this fully to the boards and management of the two port companies when I visited them recently.
As the Deputy is aware, I also recently announced the establishment of a five member implementation board to initiate the process of overseeing the transition to a new single port company. There will be close liaison between the implementation board and both port company boards and their successor advisory boards in order to ensure the smoothest possible transition to a new single port company structure. While the operational headquarters will be located at Foynes, the new single port company will need to have a presence at other port locations and facilities within the estuary. This is a matter which will fall to be determined by the implementation board following full and detailed consultations.
In relation to the question of funding, the consultant's report recommended an equity injection to ensure that the new company can trade and remain solvent This matter will be considered by the implementation board which will finalise fully developed and costed proposals and identify necessary levels of Exchequer funding in order to position itself to most effectively and efficiently discharge its functions.
A new Bill amending the Harbours Act, 1996, which I hope to place before the House in the near future will, inter alia, provide a mechanism to inject equity essential to the future of the port company. As a shareholder it is my responsibility to ensure that the State's port industry assets are deployed to best effect and that the business is competitive, responsive to customer's needs and operates on a sound financial footing. Above all, I want the estuary ports industry to be a focal point for development of the estuary as a whole and to deliver to the best extent possible on its potential.
I thank local Deputies from the locality in question, particular Deputy Finucane, for the constructive approach they have adopted. This matter has a long history and many issues remain to be resolved. However, the responsible approach to this matter taken by all Deputies, particularly that adopted by Deputy Finucane, is to be welcomed.
