Denis Naughten
Question:124. Deputy Denis Naughten asked the Minister for Finance the position regarding plans to deliver upon the objectives of NewERA; and if he will make a statement on the matter. [55414/12]
View answerTuesday, 11 December 2012
Questions (124)
Written answers
NewERA has been established within the NTMA, initially on a non-statutory basis. It is performing a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: ESB, Bord Gais Eireann, EirGrid, Bord na Mona and Coillte. It is providing advice to Government Departments in relation to a range of financial activities in these commercial State companies including investment proposals, corporate plans, capital expenditure projects, financial statements, funding proposals and other items required by statute and by the Code of Practice for the Governance of State Bodies. It is also assisting from a financial perspective in the development and implementation of Government plans for investment in energy, water and next-generation telecommunications and is working closely with the relevant Government Departments in these areas.
In addition, where requested by Government, it is carrying out advisory and oversight roles in relation to the possible restructuring or disposal of commercial State company assets. NewERA’s role in these disposal processes is to assist and advise the relevant Government Departments in representing the Government’s financial interests in the context of assets disposals and to ensure that Government-agreed timelines and financial objectives are clearly communicated to the relevant parties. It is also the responsibility of NewERA to ensure that the Government Steering Group overseeing the transactions is kept fully informed of progress and developments with the goal of ensuring that the financial objectives of the process are achieved. My Department is currently preparing legislation to put NewERA on a statutory basis.