Brendan Howlin (Wexford, Labour) | Oireachtas source

The Exchequer has to date received special dividends of €150 million from Ervia and €197 million from ESB arising from sales of State assets. The Ervia special dividend represents the first instalment of approximately €1 billion expected to be received from Ervia arising from the successful completion in June of the sale of Bord Gáis Energy. The balance will be paid, over time and as required by the Government, following the completion of an internal reorganisation of Ervia and establishment of a networks subsidiary, Gas Networks Ireland, in accordance with the Gas Regulation Act passed by the Oireachtas this year. We will require the transfer of Ervia's debt facilities and renegotiation of its debt covenants under that Act.

The ESB payments arose from ESB's disposals of its 50% shareholdings in two overseas assets in the UK and Spain. A further €200 million remains to be paid by ESB, representing a realisation for the Government of the value of ESB's two midlands peat plants, as announced by ESB in July. I can give the Deputy some more detail on that if he wants it.

It has been the Government's consistent position that funds released from asset disposals should be used, to the greatest extent possible, to support job creation. Realisation of these proceeds has allowed for additional capital investment of approximately €0.5 billion to date. This includes €160 million for a project preparation facility for the new public private partnership, PPP, programme, including enabling works at Grangegorman for the new DIT campus and for the preparation of the PPP roads projects, including the Tuam project which started earlier this year.

It also includes an additional €150 million investment in county roads, schools and energy efficiency works in local authority housing which I announced in June 2013. Finally, it includes additional investment of some €200 million, announced in May of this year, for a range of projects including a further allocation to county roads, social housing, tourism related projects - the Deputy will recall money for the green ways and Lough Derg - and a number of projects commemorating the foundation of our State. I will provide all the details.

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