Vol. 422 No. 4
9 Mr. Taylor asked the Minister for Finance if he will outline (a) the income received from privatisation for each of the last four years and (b) the estimated likely take from privatisation for each of the next three years; and if he will make a statement on the matter.
By privatisation I take it that the Deputy means the sale to the private sector of shares in companies wholly owned by the State. The only income received from this source over the last four years arose in 1991 when £333.4 million was received. Since then, a further £33 million has been obtained in 1992 from the sale of further shares in Greencore, while £8.5 million has been obtained from the sale of B & 1. As regards the next three years, there are no proposals at present for the sale of shares in any other State companies and consequently no estimate of receipts exists.
How was that £333 million, £33 million and £8.5 million disposed of? Was it applied to capital purposes or revenue purposes?
The breakdown of the £333.4 million was as follows: the sales of share in Greencore in 1991, £63 million; sale of shares in Irish Life in 1991, £270.4 million. All that money was taken in by the Exchequer. The Irish Life money at that stage was taken off the debt. I gave the accounting figures during a previous Question Time.
Was the money received applied for capital purposes or revenue purposes?
The £270 million was used for capital purposes. The Greencore figure that we debated here was taken on the revenue side.
Was the money applied for capital purposes too?
Yes. Any of the privatisation figures have been taken in under the heading of capital receipts in the various Budget Statements.
Was it applied to any particular capital project?
No.
Will the Minister assure the House that there are no proposals under examination at present in his Department for future privatisation within the next three years?
Not at this stage.
