While shareholders in a former State monopoly may see light at the end of the tunnel, the outlook for another State enterprise fondly eyeing the private sector is less evident.

The Government persists in the argument that Aer Lingus will be ready for a spring flotation despite mounting evidence to the contrary. Its advisers on the sell-off beaver away - not surprisingly, as they are likely to be paid regardless of the outcome - and advertisements have been shot for the campaign.

But it seems inevitable the Government will have to pull the float. Already, the Taoiseach, Bertie Ahern, and the Minister for Public Enterprise, Mary O'Rourke, have admitted a flotation would be impossible in the current industrial relations climate. The truth is that climate will be with us even if the company committed financial suicide and paid off all the claims in full. There is no evidence of a speedy resolution of the myriad disputes at the airline in the air. Already disruption is promised for passengers travelling over Hallowe'en and, in this atmosphere, no one is taking bets on a Christmas without chaos.

Employee efforts to get one last deal giving them a share of the expected windfall from any flotation look certain to rebound on them. Even if the flotation takes off, the offer price will be bargain basement. But it is hard to see who will recommend it. Deferral looks increasingly like a blessing all round.