I echo what Senator Ivana Bacik said about Professor Philip Lane and the tributes paid to him by the Minister for Finance, Deputy Michael Noonan, as he assumes the office of Governor of the Central Bank of Ireland. It is a quarter of a century since he came to my scholarship class before going on to Harvard and Columbia. I am sure he will bring many talents to his new post.

In the presence of Senator Eamon Coghlan who knows much more about international athletics than I do, I express my regret that we are losing our national boxing manager, Mr. Billy Walsh.

I compliment Mr. Justin Trudeau who was elected as Prime Minister of Canada this morning. The Canadian crest includes the fleur-de-lis, rose, thistle and shamrock, the latter in recognition of Ireland's role as one of the founding nations of Canada. We should be very proud of all that Irish people in Canada have accomplished, including such persons as Thomas D'Arcy McGee who drew up the constitution of the Canadian Confederation in 1867. Mr. Trudeau is returning to the house where he lived as a boy when his father was Prime Minister. I take the opportunity to thank the outgoing Canadian Government which was always a great friend to Ireland.

I share Senator Darragh O'Brien's misgivings about No. 1 on the Order of Business today. The Secretary General of the Department of Transport, Tourism and Sport refused to appear at a meeting of the transport committee to discuss this matter on the basis that to do so would infringe Stock Exchange takeover rules. I have always regarded a democratic parliament as being far superior to such rules, particularly when one considers the €64 billion that was secured for the banks on 29 September 2008. The Minister of State at the Department of Finance, Deputy Simon Harris, heard that debate and could confirm that nobody supported what was done. Whether one likes privatisation is not really the issue. I did not like this particular one and have opposed it in the House. I thank colleagues for their indulgence in the matter. In the budget this year Ervia is putting €250 million into the Exchequer which is to be allocated to housing. The priority should not be to give the Aer Lingus money back to the Department of Transport, Tourism and Sport.

Consideration should be given to spending it on social priorities such as housing, education and the health service.