Dáil Éireann Debate, Wednesday - 3 February 2021
151. Deputy Darren O'Rourke asked the Minister for Transport the way in which he plans to use the proceeds of the sale of the State's shares in a company (details supplied) now contained in the connectivity fund to protect and enhance Ireland's air connectivity given the damage the pandemic will do in this area; and if he will make a statement on the matter. [6006/21]
Amharc ar fhreagraThe Exchequer received €335 million in September 2015 for its 25.1% shareholding in Aer Lingus.
These proceeds were invested in a new ‘Connectivity Fund’ as a sub-portfolio of the Ireland Strategic Investment Fund (ISIF). The Minister for Finance sought Oireachtas approval for the proceeds to be paid into this fund in accordance with Section 46(2) of the National Treasury Management Agency (Amendment) Act, 2014. This further investment strengthened ISIF’s capacity to support economic investment.
The Connectivity Fund is designed to support projects which enhance Ireland’s physical, virtual or energy connectivity. The management and control of the fund is a matter for the NTMA.
