Gerry Adams (Louth, Sinn Fein)
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To ask the Minister for Finance his plans to introduce legislation to place New ERA on a statutory footing. [49418/12]

Michael Noonan (Limerick City, Fine Gael)
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In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA). NewERA will centralise the management of Government holdings in the commercial semi-state sector (initially the companies within NewERA’s remit are ESB, EirGrid, Bord Gáis, Bord na Móna and Coillte ) from a shareholder perspective. This role, based on the Shareholder Executive model already established in a number of developed economies, will involve oversight of activities such as capital expenditure plans, corporate strategy, acquisitions and disposals. NewERA is already working closely with the relevant Government departments and companies in this regard. The Shareholder Executive approach is designed to provide the Government with a portfolio view of investment returns from the sector and with a means of assessing the likely impact of commercial developments in the sector on long-term Government investment plans.

NewERA is also charged with assisting the development and implementation of Government plans for investment inenergy, water and next-generatio telecommunications with the long-term objective of employment creation and has commenced work with the relevant Government departments in these areas. NewERA is an important element in the Government’s strategy to promote economic growth and create jobs. Officials of my Department are liaising with the National Treasury Management Agency in preparing proposals for legislation to put NewERA on a statutory footing and I expect to bring forward those proposals as soon as possible once that work is complete.