Michael McGrath (Cork South Central, Fianna Fail)

Last Thursday's press release raises more questions than answers. Many of the functions NewERA is taking on are already performed quite well by the semi-State companies concerned. Requirements for corporate governance and reporting to the relevant Ministers are already in place and a number of them are already successfully implementing ambitious capital investment plans. It is difficult to avoid the conclusion that NewERA is merely a sales agent for the assets of which the State intends to dispose.

How many staff will NewERA employ? When will the legislation establishing the strategic investment fund be brought before the Oireachtas? Will the new agency be able to access the full amount of money remaining in the National Pensions Reserve Fund? When does the Minister expect it to be up and running?

The press release makes reference to the possibility that it will develop into a strategic investment bank, presumably as a sop to the Labour Party. When does the Minister expect that will happen?

See this speech in context