Dáil Éireann Debate, Thursday - 29 January 2015
21. Deputy Michael Moynihan asked the Minister for Communications, Energy and Natural Resources the final sale price of Bord Gáis Energy; the revenue this will be utilised for; and if he will make a statement on the matter. [3772/15]
View answerOn 30 June 2014, the sale of Bord Gáis Energy was completed. In line with the share purchase agreement entered into by Ervia, formally Bord Gáis Éireann. The total enterprise value, inclusive of debt, for the sale is €1.1 billion, including a small element of contingent consideration.
With regard to the revenue raised from the sale of Bord Gáis Energy, the Government's consistent position has been that the funds released from asset disposals should be used, to the greatest extent possible, to support stimulus and employment initiatives. How best to leverage those funds is a matter for the Government and I, along with colleague Ministers, will be reflecting on possible options over the coming months.
It has already been decided by the Government that some of the proceeds will be used to fund the Social Housing Strategy, published last November. The Minister for Public Expenditure and Reform announced in Budget 2015 that €400 million of public investment, including from the proceeds of the sale of Bord Gáis Energy, would be made available to fund the establishment of an off balance sheet financial vehicle intended to channel investment funds to the voluntary housing sector.
