Fergus O'Dowd (Louth, Fine Gael)

The Government has clearly set out its intention to ensure the semi-State sector plays a full role in Ireland's economic recovery. The State companies are engaged in a wide range of strategic activities and have significant investment programmes in place. We want to ensure these investment programmes are delivered to best effect in the interests of jobs and growth. The New Economic and Recovery Authority, NewERA, is the planned vehicle whereby the State's holdings of the key State companies will be managed to ensure cost effective investment in key priority areas. These include the energy networks, broadband, water and the bioenergy sector.

Under the NewERA plan, a sharper focus and more structured shareholder engagement will ensure the State companies will make the necessary and appropriate strategic investments over the coming years in these key sectors of the economy. Such investment will not only ensure the delivery of the key economic infrastructure required but will also ensure an economic and jobs stimulus for the country. This is essential and our country is entitled to it.

I am totally committed to ensuring speedy progress is made in establishing the NewERA entity. To that end intensive work is under way to shape the programme in my Department and in the Department of the Environment, Community and Local Government. I am working with the Minister for Communications, Energy and Natural Resource, Deputy Rabbitte, and the Minister for the Environment, Community and Local Government, Deputy Hogan, and all other relevant ministerial colleagues to deliver effectively on the Government's ambition.

A key issue is the opportunity for the State companies to channel the necessary funding at the best cost achievable to the energy, broadband, water and forestry sectors. The structure of the NewERA model must deliver on that objective. As we refocus and restructure across the relevant State companies, it is important to ensure their capability to access additional funding for new and existing investment priorities. We are also examining how best to leverage the National Pensions Reserve Fund and shape the new national development plan to ensure indigenous jobs and growth through the NewERA entity. This is a key priority for the Departments concerned to work on collectively in the short term.

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