Dáil Éireann Debate, Wednesday - 13 June 2012
17 Deputy Richard Boyd Barrett asked the Minister for Public Expenditure and Reform if he will provide the latest report on plans to use the proceeds from the sale of State assets for shovel ready projects; if he will identify the projects that are being considered; and if he will make a statement on the matter. [28363/12]
Amharc ar fhreagra21 Deputy John Halligan asked the Minister for Public Expenditure and Reform if he will provide the latest report on plans to use the proceeds from the sale of State assets for shovel ready projects; if he will identify the projects that are being considered; and if he will make a statement on the matter. [28364/12]
Amharc ar fhreagraI propose to take Questions Nos. 17 and 21 together.
I announced last February that, following intense engagement, I had secured an agreement with the Troika that a third of the proceeds of our asset disposals programme could be used for re-investment in our economy. This was a substantial change to the Troika's previous position and will help promote recovery in the economy. I have since then secured a further agreement that 50 per cent of the total proceeds from the sale of State assets can be used for job creation and as a stimulus to our economy, the balance will be set aside in a fund that could leverage further money for investing in the economy. As the Government has agreed with the Troika the sale of state assets up to a value of €3 billion, this will mean that up to €1.5bn can be used for direct investment in the economy and a further €1.5bn will be retained in a fund which will attract other private investment into the State. The Government is now considering carefully how it can use this money to maximise the return to the economy.
My Department has been examining what potential infrastructure projects could be supported should any additional funding source, including the proceeds of our asset disposals programme, become available. It is likely that such investment will be focused on areas that meet the Government's key investment priorities, as set out in "Infrastructure and Capital Investment 2012-2016: Medium Term Exchequer Framework", boost employment and help stimulate economic growth. My Department has established a high level interdepartmental steering committee which is considering potential projects for investment which meet these criteria.
