Mr. Gerry Egan:

Yes, clearly we do not purport to speak on behalf of NewERA.

Last November, the Government made a decision to establish within the National Treasury Management Agency a division called NewERA, the New Economy and Recovery Authority. The central thesis behind this was that sectorial policy function exercised by different Departments should be separated from the shareholder function as performed by these Departments. Heretofore, the Department of Agriculture, Food and the Marine was Coillte's shareholder, responsible for policy for the forestry sector and for licensing and regulating forest owners in the area of felling licences.

The first decision was about separating the policy function from the shareholder-executive function. As of now, NewERA will perform the shareholder responsibility for Coillte. Its second role will be advising the Government, when requested, on the restructuring of companies or the disposal of State assets. That is a process in which we are heavily involved.

The other area that NewERA is concerned with is in promoting investment in key economy sectors such as energy, water, telecommunications and forestry. There is a government working group made up of the relevant Departments which is overseeing this process. It will ultimately bring those results to the Government. NewERA is overseeing this process on a day-to-day basis while Coillte is doing much of the analysis in accordance with the scope agreed with NewERA. We are using independent advisers as part of that process so that whatever work that emerges, NewERA and the joint working group will be able to rely on the independence of that work.

It is worth making the point that while Coillte has a lead role, there are several steps between the company and the Government around the decision-making process, as well as quite a number of actors in the field. For the purposes of clarification it was worth elaborating a little on this.