Fine Gael Senator Martin Conway expressed reservations about the Aer Lingus sale.

“Any sale of Aer Lingus would have significant implications for my constituents in Clare,” he said.

“I would love to know how many of the 600 new jobs committed to by 2020 will be in Shannon.”

Mr Conway said while he welcomed the seven-year commitment to retain the Heathrow slots, he did not know, in the long term, if any golden share could prevent their sale in the event of a worldwide economic recession in the aviation industry.

Fianna Fáil Senator Darragh O'Brien said if the Government's shareholding was sold, some of the money should be allocated to the pensions of former staff.

“The money should be given back to the pensioners, from whom 60 per cent of their pensions were taken, and the elderly from whom six weeks’ pay have been cut by the Government,” he added.

Labour Senator Ivana Bacik said it was hard indeed to hear Mr O'Brien's "hollow words", given that Fianna F

áil had effectively privatised Aer Lingus in 2006.

“I wonder why Fianna Fáil privatised Aer Lingus in 2006,” Ms Bacik said. “I wonder why Fianna Fáil got rid of the government’s controlling share.”

Mr O’Brien said that government had retained a 25 per cent stake.

Ms Bacik said Mr O’Brien should be embarrassed to suggest that, in some way, it was a wonderful thing that Fianna Fáil had preserved a 25 per cent share for the sake of connectivity.

“It was important,” replied Mr O’Brien.

Ms Bacik said she would have preferred if the Government retained its share.

“However, I note the agreement made is significantly improved on what was offered before.IAG has agreed to an indefinite Government veto on the disposal of the Heathrow slots, which guarantees State control of connectivity.”