Vol. 510 No. 1
16 Mr. Broughan asked the Minister for Public Enterprise if the consultants appointed to undertake the independent review of the scope for revenue generation from CIE's property portfolio have reported to her; and if she will make a statement on the matter. [21781/99]
The consultants have completed their review of CIE's surplus property portfolio and have advised my Department of their general conclusions. They are now in the process of finalising their formal written report. I plan to report to Government shortly on the revenue generation potential of CIE's surplus property portfolio, having regard to the consultants' findings. This matter will go to Cabinet in the next few weeks.
The Minister informed me in a reply on 29 June that Sherry Fitzgerald won the contract for this work and they would be ready to report to her in six weeks, which she said was prompt. What has happened since then? Is it the case that the Minister has found the pot of gold which she thought existed in the portfolio is empty and there is not an effective portfolio to fund the important and highly desirable safety investment programme on which she has embarked? Is it the case that there is no money arising from this portfolio and that it is practically useless in terms of funding the safety programme?
The Supplementary Estimates and the Estimates for 2000 will show a considerable commitment to rail safety. I do not know why Sherry Fitzgerald took longer than it said it would, but I presume—
Why does the Minister not sack it? Do not pay it.
I ask the Minister to not respond.
I presume it is because it did a better job.
Sherry Fitzgerald told the Minister it would do the job in six weeks. It has taken six months.
The Minister, without interruption.
It is not six months since April.
It is close to it.
It is in the process of finalising its formal written report and I have no doubt that when I bring the matter to Cabinet it will be made public, as is the case when matters go to Cabinet.
Has the Minister received the report yet?
I have not received the final report.
Why is the Minister bringing information, which is what we are seeking, on the realisable revenue, either in terms of a revenue stream or in the realisable capital value, to Cabinet? I would understand it if she were bringing to Cabinet a proposal to sell property. Will the Minister outline the relevant figure? There were some musings last year during the Luas debacle that a sum of £400 million could be raised. I said it would be closer to a £25 million to £40 million revenue stream. Will the Minister indicate the figure which is likely to be realised? Will she outline the broad parameters of the likely stream of income or saleable value of the property? Will she admit she totally overestimated what was possible in this regard?
I do not agree that was the case. The delay has been caused by the need to clarify what is realisable from sales and in terms of stream of income or leverage from other revenue. The discussions have centred on that aspect and on the large property portfolio regarding the proposed convention centre. I understand difficulties have been encountered with regard to that matter, although they are not planning issues. The property portfolio is composed of many things and it is, as I thought, considerable.
What are the broad figures?
Getting information from the Minister is like extracting teeth from a hen.
A question please, Deputy.
Given that the Minister has a draft report from Sherry FitzGerald, will she tell us the ballpark figure contained in it? The Minister has that information and I am entitled to ask for it. What is the ballpark figure for the value of this portfolio? If the Minister will not give me the fig ure, I will be concerned about why she will not do so.
The ballpark figure is between £100 million and £150 million. However, it is not easy to clarify the position in terms of the proposed convention centre and whether it will be part of the portfolio. This depends on imminent future developments and it is holding up the final assessment of the property portfolio. I have no difficulty giving the Deputy that information.
The Deputies can claim I am telling lies, but I have not received the Warburg Dillon report on Aer Rianta's recommendations to me. Deputies may not like it, but I do not have the information regarding the previous question.
The Minister knows what she is doing regarding the Great Southern Hotels Group.
She knows what she is doing about the group; she is picking her words carefully.
Written Answers follow Adjournment Debate.
