Fergus O'Dowd (Louth, Fine Gael)

The Government has set out clearly its intention to ensure that public enterprise plays a full role in Ireland's economic recovery. The new economic and recovery authority is the vehicle whereby it will manage the State's holdings of the key State companies undertaking investment in key priority areas. These include the energy networks, broadband, water and bioenergy. Under the NewERA plan, streamlined and restructured State companies will make significant strategic investments over the coming years in these key sectors of the economy. These commercially financed investment programmes, in the context of the new national development plan, will support economic activity and employment in the short term. They also will critically underpin investment in sustainable export-led jobs and growth by foreign direct investment companies and indigenous Irish enterprise.

I have been charged by the Taoiseach with responsibility for implementing the NewERA programme in consultation with all stakeholders. This includes bringing forward the necessary legislation to underpin the planned structured changes.

Additional information not given on floor of the House

I am working with the Minister, Deputy Rabbitte, the Minister for the Environment, Heritage and Local Government and all relevant Ministerial colleagues to deliver effectively and speedily on our ambition.

The NewERA plan includes the commitment to establish a new Irish water State company to lead much-needed investment in the water network. The Government also is committed to the creation of a smart grid company, which ultimately will have ownership and responsibility for the national energy networks. The programme for Government also envisages the merger of Bord na Móna and Coillte to create bioenergy Ireland with the aim of realising the full potential of Ireland's bioenergy resources. The NewERA plan also will oversee the delivery of next generation broadband in conjunction with the private sector and relevant State companies.

The timeframe for establishing and restructuring the entities will be ambitious, while recognising that there are complex financial, legal and other considerations to be addressed as part of the process.

See this speech in context