Fergus O'Dowd (Louth, Fine Gael)

This has been a very important debate. It goes to the heart of where the country is going, how we are going to revive the economy and how we are going to create jobs. The key is that we must take all possible steps to reduce the number of people who are leaving the country in despair, to try to keep them at home and provide them with real employment and create new infrastructure. The only way we can do this is by creating employment and we will do this by having investment in productive industries.

I welcome the fact that Sinn Féin has put this motion before us. While we fundamentally disagree on many issues, this matter should be debated and the House is the right and proper place in which to do so. However, we must reject this nonsensical motion. It is misguided and based on a completely false premise. It displays an unwillingness to face reality. It asks the House to reject any sale of State assets, which is totally unrealistic, given the position in which we find ourselves. As pointed out by the Minister for Communications, Energy and Natural Resources, the motion denies the commitment made to retain State control of the ESB and maintain its integrated utility nature. There is no proposal other than that to retain State control of the ESB. There will be no change in who controls the ESB; it will be controlled by the Government. As pointed out by the Minister for Public Expenditure and Reform last night, the motion denies the real and serious economic crisis bequeathed to the country by the previous Government. It is an impractical motion, based on a refusal to accept reality. The counter motion clearly sets out the context for the Government's decision in the matter.

Ireland is totally dependent on the funding arrangements put in place under the EU-IMF deal to pay its day-to-day costs. If we had not received this money, our hospitals, schools, local authorities and everything would close. To continue to avail of this funding, Ireland must have a credible programme in place to ensure financial sustainability. The memorandum of understanding between Ireland and the troika commits the State, at the insistence of the troika, to an ambitious programme of asset disposal. There is no getting away from this fact.

It is also the case that the programme for Government sets a target for receipts of €2 billion from the sale of State assets over time, with a view to reinvesting the proceeds in key infrastructural projects through the NewERA vehicles for which I have responsibility. The key objective of the sale of these State assets is to invest €2 billion in job creation, yet leave the ESB in the control of the State. That is a very good deal. If we receive that money and invest it in employment programmes, it will make a significant difference to the thousands of people leaving the country every week.

The programme for Government states that assets will only be sold when market conditions are right and adequate regulatory structures have been established to protect consumer interests. There will not be a fire sale. The stake will be sold when conditions are right and regulatory structures are in place to protect consumer interests. One of the key weaknesses in the sale of Eircom, to which Deputies correctly referred, was that the company was sold lock, stock and barrel and a deal was not done to protect its assets or consumer interests. The Government's announcement of last week is in line with the commitment made in the programme for Government. The Minister, Deputy Rabbitte has made clear that the group co-chaired by the two relevant Departments, which will examine options on the minority stake sale, will consider all relevant issues, including regulatory and policy implications, before it reports back to the Government. NewERA will play a key role in assisting this group.

As the counter-motion states, the Government is committed to delivering on energy policy priorities, whether in the construction of new infrastructure or achievement of Ireland's renewable energy targets, a step change in energy efficiency and the continued promotion of competition in gas and electricity markets which benefits consumers. The position is clear. We know where we stand, unlike the Deputies opposite.

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