Theresa Ahearn
Question:58 Mrs. T. Ahearn asked the Minister for Finance if he intends disposing of shares of any State company in 1998; and if he will make a statement on the matter. [9599/98]
Written Answers - State Assets Disposal.
Theresa Ahearn
Question:64 Mrs. T. Ahearn asked the Minister for Finance the estimated value of all State assets the Government intends selling in 1998; the plans, if any, the Government has for the proceeds; and if he will make a statement on the matter. [9600/98]
I propose to take Questions Nos. 58 and 64 together.
The White Paper on Receipts and Expenditure published before the budget reflected a provision of £0.625 million for the proceeds of State asset disposal in 1998. This is reflected in my budget.
I am engaged in discussions with staff representatives and the boards and managements of the ACC and ICC banks concerning the possible restructuring of these banks, including the option of disposing of up to 100 per cent of the State's interest in the banks. At this stage, it is not possible to say what the outcome of these discussions will be nor when any action taken on foot of them will be completed.
The Minister for Public Enterprise announced last month the conclusion of an agreement with the employees of Telecom Éireann on an employee share ownership scheme under which they will acquire a 14.9 per cent shareholding in the company. The agreement provides that employees will pay £190 million for 9.9 per cent of the company, with an additional 5 per cent acquired in return for company transformation. The £190 million will be paid to the Exchequer and will be used to reduce the Exchequer borrowing requirement. Discussions with the Union Coalition on the modalities, including timing, are nearing completion.
As announced by the Minister for Public Enterprise on 7 April 1998, the Government has approved, the sale of 100 per cent of Cablelink. The shares in Cablelink are owned by RTE and Telecom Éireann. Advisers will be appointed to assist Ministers with the sale and it is expected it will be completed by the end of the year. The sale proceeds will remain with RTE and Telecom Éireann.