Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

If I may, I will explain why I must oppose the amendment. It seeks to alter fundamentally what we are trying to achieve in the Bill, namely, the sale of the Bord Gáis Energy business. In November 2010, the memorandum of understanding agreed between the then Government and the EU-IMF-ECB in the bailout programme committed "to setting appropriate targets for the possible privatisation of state-owned assets". Following lengthy and tough negotiations with the troika, the current Government has been able to agree a position whereby the quantum of State asset disposals is less than that initially demanded by the troika. The use of the proceeds will assist economic recovery - as we have been debating - and key strategic assets, such as the gas transmission and distribution systems, will be retained in State ownership. To deliver on our troika commitments and, more important, to fund our programme for jobs and economic recovery, we must proceed with the sale of the company's energy business. Therefore, I cannot accept the amendment that seeks to delete section 29, the provision that empowers BGE to sell the energy business, subject to ministerial consent.

Nevertheless, I do not disagree with the sentiment advanced by Deputy Moynihan when he mentions trying to ensure there is no unfair distribution of debt. I accept it is very important that the residual company, Bord Gáis networks, is geared to do its business, which remains crucial. The point the Deputy is trying to bring to attention is one that has featured very much in the considerations we have had internally within the Department as well as in the considerations the parent company has brought to bear in this matter. The point is uppermost in the minds of those handling the transaction which, although it is obviously being done at arm's length from me, I know to be high up on the priority list.