Staff increase stake as Aer Lingus bill published

Aer Lingus staff has increased their shareholding in the company to 14.9% following the publication of the Aer Lingus Bill 2003.

The deal, agreed as part of the Survival Plan, gives effect to the Employee Share Ownership Plan (ESOP) as agreed between the Government and the Unions.

ESOP provides the legal framework for the Government to invest in the national carrier should it wish to do so.

The Bill also permits Aer Lingus to establish superannuation scheme(s) for general employees and pensioners and for amendments in relation to the appointment of Directors, including worker directors.

Speaking today, the Minister for Transport Seamus Brennan said "The publication of this Bill and its enactment in the coming session will be the final phase of the Survival Plan and is the concrete acknowledgement of the contribution of the staff to the turnaround of the airline following the events of 9/11.

"I will continue to work closely with the Board and management over the coming weeks and months in considering future options to ensure the ongoing prosperity of the airline," he said.

It is estimated that the ESOP provisions will be brought into effect as soon as the legislation is enacted.