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RAG-Government: RAG flotation does not break with current coal policy

Berlin: (hib/MIK) "It would not be feasible for the Government to break with current coal policy". This was stated in the Budget Committee on Wednesday afternoon by representatives of the Federal Ministry of Economics and Labour (BMWA).

The discussion was on the flotation plans of Ruhrkohle AG (RAG), which have been much reported in the media. The Government was notified of the possible stock-exchange flotation in early January. A framework agreement had been submitted on 5th March and this indicated that further clarification was required. The Government therefore set up a working group and it was expected that a long list of experts and reports would have to be called in before the Government could form an opinion. It was therefore, according to the BMWA, still too early to present a report on the positive and potentially negative impact of the flotation on the federal budget.

The Coalition concurred with this. The opposition parties of the CDU/CSU and FDP were concerned that the flotation risks would be nationalised and the profits privatised. The risks they specified mainly related to mining subsidence in the Ruhr region and the pension claims of the mineworkers. According to its spokesman, the Union would be monitoring this process constructively, though critically. At the same time, he thought the whole exercise was somewhat "questionable", as former Economy Minister Müller and former undersecretaries Overhaus and Tacke were involved on the RAG side. There was a danger that the interests of the state would not be properly attended to. This view was countered by the Government representative, who said that there was no hint of cronyism between the former and the present Government members that might damage the federal budget.

Source: Quelle: http://www.bundestag.de/bic/hib/2005/2005_083/01 (German version)