Vol. 439 No. 7
4 Mr. Yates asked the Minister for Finance the way in which the Government intends to raise the targeted extra receipts of over £50 million through the sale of State assets as set out in the 1994 Budget White Paper; and when this will happen.
While no final decision has yet been taken I envisage that some, at least, of these receipts can be realised through the sale of part of the State's shareholding in Irish Life plc. As regards the timing of any sale, this must obviously depend on a range of factors, including market conditions.
What is the secrecy about this matter? There was no reference to it in the Minister's Budget Statement and it was not until stockbroker economists discovered the discrepancy in capital receipts in the budget that this matter came to light. Last year the Minister sold shares in Irish Life. He got a very bad price, but it was done in a straightforward way.
It was an excellent price.
The Minister got £1.90 and now they are worth £2.40.
That is wrong.
The Minister may think that is a good price, but I do not. Has the current controversy about Telecom Éireann anything to do with this and will the receipts from Cable & Wireless go to the Exchequer or will they be put into Telecom Éireann?
The Deputy is injecting new matter.
The question relates to State assets without reference to any company.
This relates to miscellaneous receipts. There are other bits and pieces that could be sold to raise £50 million. The Deputy will be delighted to know — or perhaps he will not — that Telecom Éireann is not included in any figure in the budget. The reason for waiting is primarily to see how the market is. The share price yesterday was under £2.30.
Is it possible that the ACC is included in the "bits and pieces" the Minister referred to?
Nothing major is included.
It is like a jumble sale; a bit here and there.
A few fields here and there.
The figure of £50 million is very small in the context of a £13 billion budget. You could lose that in a day.
