Dáil Éireann díospóireacht -
Wednesday, 28 Jun 1995

Vol. 455 No. 2

Written Answers. - Sale of Assets from Local Loans Fund.

Martin Cullen

Ceist:

23 Mr. Cullen asked the Minister for Finance when he will introduce the necessary legislation to allow the sale of the income stream from local authority loans to go ahead in view of the decision to give the task of raising the £140 million the Government requires this year to pay the equality payment arrears to the National Treasury Management Agency; the criteria he will use to assemble the portfolio which the National Treasury Management Agency will take over; and if he will make a statement on the matter. [11850/95]

Joe Walsh

Ceist:

61 Mr. J. Walsh asked the Minister for Finance if a mechanism has been put in place to facilitate the sale of assets from the Local Loans Fund in order to meet the cost of social welfare equality treatment payments; and if he will make a statement on the matter. [11628/95]

Minister for Finance (Mr. Quinn)

I propose to take Questions Nos. 23 and 61 together.

In my reply to Deputies Cullen and Dempsey on 5 April I indicated that I was considering outline proposals for the disposal of part of the assets of the Local Loans Fund. One of the outline proposals was submitted by the National Treasury Management Agency.

Having examined the matter I requested the Agency to develop their proposals further. This they have done after consultation with the Department of the Environment and my own Department and various financial institutions. They have now submitted a more detailed plan of action which I am considering at present. Proposals will be brought before Government if it is decided to adopt their final scheme and this could allow the Agency to undertake further consultations and appoint advisers. Their proposed scheme would involve some legislative changes most likely to be published in the autumn and this will provide the Dáil with an opportunity to discuss the matter in detail.