Dáil Éireann Debate, Tuesday - 9 June 2015
1174. Deputy Terence Flanagan asked the Minister for Transport, Tourism and Sport if he will address a matter (details supplied) regarding Aer Lingus; and if he will make a statement on the matter. [21813/15]
Amharc ar fhreagra1186. Deputy Clare Daly asked the Minister for Transport, Tourism and Sport in view of the Government's decision to dispose of the 25% share holding in Aer Lingus to the International Airlines Group, his views on a minimum of 25% of the proceeds from this sale being made available to the deferred and active pensioners of the Irish airlines (general employees) superannuation scheme. [22494/15]
Amharc ar fhreagraI propose to take Questions Nos. 1174 and 1186 together.
An agreed solution was implemented at the start of this year to address Aer Lingus' pension funding problems. This agreed solution is a matter for the Trustee, the companies participating in the scheme, the scheme members and the Pensions Authority.
Under the agreed solution the total contribution proposed by the IASS employers aimed at resolving the IASS difficulties amounts to over €260 million. This included almost €20 million in extra funding proposed by the employers in addition to the €40 million already being made available for deferred members, bringing the full amount for this group to €60 million.
The IASS Trustee has confirmed that these measures are in the overall best interest of the members of the IASS as a whole. The agreed solution will continue to be implemented in compliance with National and EU law irrespective of the ownership of Aer Lingus.
I am very conscious of the difficulties these necessary changes cause for many scheme members, but the risks that would have arisen for all members, the companies involved and the wider economy if this solution had not been implemented were even greater.
Any proceeds from the sale of the State's minority shareholding in Aer Lingus will be paid into the Exchequer and the Government has indicated that such proceeds should be used to establish a new 'Connectivity fund', as a sub-portfolio of the Ireland Strategic Investment Fund (ISIF). There is no question of Exchequer funding being made available to supplement the agreed Aer Lingus pension funding solution that is in place.
