Michael McGrath (Cork South Central, Fianna Fail)
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Question 23: To ask the Minister for Communications; Energy and Natural Resources the role he will play in implementing NewEra; the timeframe envisaged for establishing the bodies outlined in NewEra; and the number of new jobs that will be created under this plan [6729/11]

Fergus O'Dowd (Louth, Fine Gael)
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The Government has set out clearly its intention to ensure that public enterprise plays a full role in Ireland's economic recovery. The new economic and recovery authority is the vehicle whereby it will manage the State's holdings of the key State companies undertaking investment in key priority areas. These include the energy networks, broadband, water and bioenergy. Under the NewERA plan, streamlined and restructured State companies will make significant strategic investments over the coming years in these key sectors of the economy. These commercially financed investment programmes, in the context of the new national development plan, will support economic activity and employment in the short term. They also will critically underpin investment in sustainable export-led jobs and growth by foreign direct investment companies and indigenous Irish enterprise.

I have been charged by the Taoiseach with responsibility for implementing the NewERA programme in consultation with all stakeholders. This includes bringing forward the necessary legislation to underpin the planned structured changes.

Additional information not given on floor of the House

I am working with the Minister, Deputy Rabbitte, the Minister for the Environment, Heritage and Local Government and all relevant Ministerial colleagues to deliver effectively and speedily on our ambition.

The NewERA plan includes the commitment to establish a new Irish water State company to lead much-needed investment in the water network. The Government also is committed to the creation of a smart grid company, which ultimately will have ownership and responsibility for the national energy networks. The programme for Government also envisages the merger of Bord na Móna and Coillte to create bioenergy Ireland with the aim of realising the full potential of Ireland's bioenergy resources. The NewERA plan also will oversee the delivery of next generation broadband in conjunction with the private sector and relevant State companies.

The timeframe for establishing and restructuring the entities will be ambitious, while recognising that there are complex financial, legal and other considerations to be addressed as part of the process.

Michael McGrath (Cork South Central, Fianna Fail)
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I take this opportunity to congratulate the Minister of State, Deputy O'Dowd, on his appointment and to thank him for his reply. What level of funding does the Minister of State anticipate will be required to fund the NewERA project? Different figures were articulated prior to and during the election campaign, ranging from €7 billion to €18 billion, but the only reference in the programme for Government is to the expectation of raising approximately €2 billion from the sale of non-strategic State assets. How many jobs does the Minister of State expect will be created, as figures of more than 100,000 jobs were being earmarked for the NewERA project? When does he expect Members to have sight of the nuts and bolts or the establishment of the NewERA authority?

Fergus O'Dowd (Louth, Fine Gael)
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When we entered into government, the cupboard was almost bare thanks to the financial mismanagement of Fianna Fáil and previous Governments. There is less money than we expected, but the country must effect changes in its policies, particularly its investment policy. If the Government cannot borrow, State companies can use their initiative to create jobs.

NewERA contains a commitment to establish a new State water company to lend much needed investment to our water networks. We are also committed to the creation of a smart grid company that will have ownership and responsibility for natural energy networks. The programme for Government envisages the merger of Bord na Móna and Coillte to create BioEnergy Ireland with the aim of realising the full potential of Ireland's bioenergy resources.

The NewERA plan is to create new jobs by lending off the Government balance sheet. We will not have 1,000 young people emigrating every week as was the case under the Deputy's Government. The disgraceful way in which the economy was run down by his party in government is clear to us now and we are committed to creating as many jobs as possible under the NewERA programme, which we will implement as quickly as possible.

Michael McGrath (Cork South Central, Fianna Fail)
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The questions were simple. In fairness to Fine Gael, it had no problem with going into specifics during the election. It quoted a particular figure for the number of jobs that would be created and the amount of money that would be invested. How much will NewERA cost, how much does the Government expect to invest and how many jobs will be created?

Fergus O'Dowd (Louth, Fine Gael)
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The answer to the last question is clear - as many and as quickly as we possibly can. I am charged with dealing with the Ministries involved - the Departments of Finance and the Environment, Heritage and Local Government - and the Office of the Attorney General. Under a different heading in the NewERA policy, we will address the issue of a national water authority tomorrow. As quickly and effectively as possible, we will introduce programmes and policies to address necessary changes.

Michael McGrath (Cork South Central, Fianna Fail)
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How much funding?

Fergus O'Dowd (Louth, Fine Gael)
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I will not quantify that, but I will give the House an absolute commitment to report to the Oireachtas regularly on my progress in respect of the significant changes we must make in how we run our country. In particular, State and semi-State companies rather than the State will invest in the creation of jobs.

Michael McGrath (Cork South Central, Fianna Fail)
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Is there an expected level of investment? Is it €2 billion?

Fergus O'Dowd (Louth, Fine Gael)
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I will be able to give the Deputy those facts as soon as I can. I will give 100% in ensuring a significant reduction in unemployment levels and in the shameful number of young people who must leave this country because they had no future under the former Government. We will bring them light and jobs.

Michael McGrath (Cork South Central, Fianna Fail)
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People want details.