Wednesday, 2 October 2013

Questions (130)

Billy Timmins


130. Deputy Billy Timmins asked the Minister for Finance the consultants, if any, he has contracted since 1 January 2013 to advise on the possible sale of any assets; the current situation; the advice given and the terms and cost of the contract; and if he will make a statement on the matter. [41544/13]

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Written answers (Question to Finance)

Where requested by Government, NewERA (a business unit in the National Treasury Management Agency (NTMA) 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 asset 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. In order to assist NewERA in its role, the NTMA (acting through its NewERA unit) have engaged three external consultants to provide advice in respect of various technical aspects of the proposed disposals of State assets, as set out in the following table:


Possible Asset Sale

Nature of Advice

Details of Contract

Barclays Bank

Bord Gáis Energy

Financial advice - ongoing

Contract is between the NTMA and Barclays and was signed in October 2012. No payments have been made under this contract to date.

A & L Goodbody

Bord Gáis Energy

Legal advice - ongoing

Contract is between the NTMA and A&L Goodbody and was signed in January 2013. No payments have been made under this contract to date.

Lane Clark and Peacock (LCP)

Lottery Licence

Pensions advice - complete

Contract is between NTMA and LCP and was signed in August 2013. The cost of this advice was €3,750 plus VAT.