Brendan Howlin (Wexford, Labour)

It included no figure, but it stated the then Government would examine the sale of State assets on foot of the then unpublished McCarthy report. During our initial discussions with the troika it was pushing the issue of the sale of State assets. As I have indicated, it wanted the entire proceeds of any such sale to be used to retire debt. Under the programme for Government negotiated by the two parties in government, we came to an agreement that we would sell State assets to a value of €2 billion. We said we would seek to use the resources accruing to the State from these sales for the purposes of job creation. We also said we intended to use the vehicles we had designed for that purpose, including the NewERA concept, which we have now put in place, and the strategic investment fund. We further said we would have regard to the utilisation of residual funds from the National Pensions Reserve Fund for the purposes of job creation if there were robust proposals for doing this. That remains the position. Nobody has resiled from anything. We have done what we said we would do. We have taken great care to ensure any decisions we have made are in the national interest and represent value for money. There will be no fire sale. We will get value for the taxpayer. We will not damage the strategic interests of the State. I notice the Deputy sitting beside Deputy Sean Fleming is nodding. The strategic interests of the State were not to the fore when Eircom was sold some years ago. We have no intention of repeating that disastrous mistake. We need to have access to resources and funds for job creation and are determined to grow the economy. We will take the fiscal decisions necessary to ensure the 3% deficit target is reached by 2015.

See this speech in context