Michael Noonan (Limerick City, Fine Gael)

The fourth quarterly review of the EU-IMF Programme of Financial Support for Ireland takes place from 11 to 21 October 2011. The review will comprise a series of meetings to evaluate all the elements of the programme covering fiscal developments, including the comprehensive spending review and potential asset disposal, the macroeconomic outlook, progress on commitments in restructuring the financial sector and structural reform.

Under the EU-IMF programme, the Government is committed to considering options for an ambitious programme of asset disposals, based on the programme for Government and the report of the review group on State assets and liabilities, and to preparing a draft programme of asset disposals in this context to be discussed with the troika in advance of taking final decisions on the programme to be pursued. This draft programme is to include the identification of the potential assets to be disposed of, any necessary regulatory changes and a timetable for implementation. As a signal of its intent in this area, the Government has announced that it is prepared to dispose of a minority stake in the Electricity Supply Board.

The use of the proceeds of any such asset disposals will be a key issue for discussion with the troika. The Government has already signalled its wish to retain some of the proceeds for reinvestment in job creation initiatives in the economy as part of the NewERA programme. Beyond this, it would not be appropriate to discuss any further details of our negotiating position in advance of our discussions with the troika on the matter.

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