Dáil Éireann Debate, Wednesday - 13 June 2012
26 Deputy John Halligan asked the Minister for Public Expenditure and Reform if he will provide an update on plans to sell State assets as part of the Troika programme; and if he will make a statement on the matter. [28402/12]
Amharc ar fhreagra34 Deputy Richard Boyd Barrett asked the Minister for Public Expenditure and Reform if he will provide an update on plans to sell State assets as part of the Troika programme; and if he will make a statement on the matter. [28362/12]
Amharc ar fhreagraI propose to take Questions Nos. 26 and 34 together.
I am happy to report that significant progress has been made on advancing the asset disposal programme that I announced last February. The House will already be aware that a number of inter-departmental working groups have been established to examine each of the assets mentioned in that announcement with a view to disposals. The NewERA unit of the National Treasury Management Agency, which is acting as the Government's financial advisor in respect of this disposal programme, has prepared comprehensive financial reports on Bord Gáis Energy and Coillte, including detailed analysis of the market appetite for the companies or their assets, and these have been submitted and considered by the relevant Steering Groups. Work is also proceeding on identifying the electricity generation assets of ESB that are to be included in the programme.
After long-term negotiations, I recently reached agreement with Troika representatives that all proceeds from disposals will be used, in one shape or another, to support job creating initiatives in the economy. Half of the proceeds will be available to fund employment enhancing projects of a commercial nature. The other half, while destined eventually to pay-down debt, will, in the first instance, be constituted as a fund to guarantee additional lending into Ireland, for example by the EIB, in support of further investment in job-creating initiatives.
Under the EU/ECB/IMF Funding Programme, the Government is committed to outlining in detail for the Troika, by the end of the second quarter (end June 2012), the specific regulatory, legislative, corporate governance and financial reforms which need to be taken in 2012, ensuring consistency with relevant EU legislation, where necessary, to allow for the State asset disposal programme to proceed in 2013, and a calendar with indicative timelines for sales will then be set out.
