Brendan Howlin (Wexford, Labour)

I can confirm that the figure of €2 billion emerged from the negotiations between the two parties in the programme for Government. The IMF publicly called for State asset sales of €5 billion. That was the figure that confronted the Minister for Finance and myself when we opened discussions with the troika. The troika wanted to write a €5 billion figure into the last agreement, and we insisted on a general statement of ambitious targets.

Important as the quantum of money is, it is more important to decide how we will use the money. The Government is committed to deleveraging some money. This will be an important part of our interaction with the troika. Deleveraging will allow us to reinvest resources in the next round of job creation. We want to give a clear message to the troika and to all our international partners that we must grow our economy out of the hole in which the previous administration left it.

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