Seán Kenny (Dublin North East, Labour)

I understand the reluctance of many about the sale of State assets. The commercial State companies have served the country well since the foundation of the State. They continue to be a core part of the economy. They are involved in delivering strategic infrastructure and key services across a number of different sectors. They have developed significant expertise, technical knowledge and skills and they have generated employment. It is for this reason I want to make it clear that the Government remains committed to ongoing State involvement in critical areas of economic development.

The Government persuaded the troika that asset disposal on the scale of €5 billion was unrealistic in the lifetime of the programme and, more importantly, that it was in the best interests of the revival of the economy that the Government be free to re-invest a significant proportion of the proceeds. Against that background, the outcome announced by my colleague, the Minister, Deputy Howlin, is welcome and is a considerable improvement. We are in a position where there is only one lender available to the Government and the Government has done exceptionally well to secure approval from the troika that one third of the proceeds will be down to the State for investment in employment.

It is far too soon for some of the celebrations that were planned. The overwhelming public interest now is to bring about sustainability to the public finances and to foster economic growth and jobs.

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