Enda Kenny (Mayo, Fine Gael)

Every cent was to go towards debt reduction. Yesterday the Government decided on the sale of State assets, not in a fire sale but for the optimum amount at an appropriate time, to reach a target of €3 billion. The outcome of the discussions between the Minister for Public Expenditure and Reform, the Minister for Finance and the troika was that once the figure from the disposal of State assets reached more than €1 billion, a figure of one third would apply. In achieving a figure of €3 billion in the sale of State assets the State would have €1 billion to invest in job creation initiatives.

With regard to the State assets mentioned by the Deputy in the energy market, the intention is that when the Government decides on the details, there will be a real impact in terms of competitiveness in the market which will be in the interests of consumers and the economy generally. It is not intended to dispose of everything associated with these assets. In the area of energy, it is the energy element of Bord Gáis and some of the power generation facility within the ESB that will be involved. The Minister for Communications, Energy and Natural Resources, Deputy Rabbitte, will consult and in due course will bring to Cabinet his recommendations for the disposal of that element of power generation within the ESB.

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