Michael McGrath (Cork South Central, Fianna Fail)

What is the next step in the process? The Minister of State outlined the investment programme being funded under NewERA, which will absorb money from the National Pensions Reserve Fund and, according to the programme for Government, it is also proposed to finance the investment programme from the sale of certain State assets. Up to €2 billion is targeted through such sales. The programme also states, however, that assets will only be sold when market conditions are right and when adequate regulatory structures have been established to protect consumer interests. We do not know when those conditions will be right for any such sales. In the short term, will the initial investments be funded through the National Pensions Reserve Fund and has the Minister identified how much money will be available after the bank recapitalisation for investment through that channel?

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