The Irish Congress of Trade Unions said today that the plan to sell off state assets was a 'bad deal for Ireland' that could see the country lose control over the national energy sector at a time when energy security is paramount.
Speaking in response to the Government announcement, Congress General Secretary David Begg said: "While there is a small element of relief that the scale is limited compared to previous privatisation plans, this is still a bad deal for Ireland.
"At its most basic, we are parting with assets whose value has been built up over many generations just to pay off the debts of reckless gamblers and speculators.
"Instead of harnessing our state sector to the aim of job creation and national recovery, we have positioned ourselves on the slippery slope of privatisation. Partial privatisations usually presage a full-scale sell off. Aer Lingus is proof of that.
"It is made far worse by the fact that over time we will potentially compromise, or lose control over our national energy sector - when energy security is a paramount global concern," Mr Begg said.
"There is an element of Ground Hog Day to this. A previous Government sold Eircom just as the digital age dawned and Ireland has been playing catch up ever since. The company was asset-stripped and wrecked. Now when energy security and energy generation are critical it is proposed to sell off, break up and weaken our energy sector. Strategically, it makes little sense."
Mr Begg expressed disappointment that the Government had not accepted the alternative approach of a State Holding Company, as proposed by Congress.
"This would potentially have provided a vehicle for attracting long-term private pension fund investment for job creation, without selling any tangible assets," he said.
He also noted that in discussions Congress had held with the Troika, the latter had described privatisation as "marginal" to the programme for Ireland.
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Irish Congress of Trade Unions,
32 Parnell Square,
Dublin 1
Tel: (01) 8897799/ 087 9174171