Sale of Dublin Port 'Lunacy' - Labour

The Labour party has said speculation over the sale of Dublin Port was "lunacy" and "made no sense".

Describing the port as a "strategic state asset", Labour's Kevin Humphreys said any possibility the port could be sold under the terms of the EU-IMF deal "made no sense" as it was Ireland's key gateway for the import and export of goods, and is a profitable company.

Speaking on Tuesday, M Humphreys said that many of the day to day dock side operations were already carried out by private companies under long term lease or license from Dublin Port, and this has created sufficient dockside competition, driven efficiencies and made Dublin Port a profitable company.

"It would be lunacy to sell the Port that handles over half of Ireland's trade when the major plank of the Government's economic strategy is through export led growth."

Mr Humphreys went on to say the major value of Dublin Port was locked up in its large land bank, and any moves to privatise it would inevitably lead to the break-up and sale of plots as any new owner would seek to sweat and strip assets.

"We have already seen this occur in Eircom. Private sector interest would be driven with an eye towards developing these land banks in the future but Ireland as a state cannot afford to lose one of its core sites for industrial and manufacturing exports."

(DW)