Martin Ferris (Kerry North-West Limerick, Sinn Fein)
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Question 2: To ask the Minister for Communications; Energy and Natural Resources when it is proposed to establish the New Era Programme to oversee State investment in energy, broadband, forestry and water. [11070/11]

Fergus O'Dowd (Louth, Fine Gael)
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The Government has clearly set out its intention to ensure the semi-State sector plays a full role in Ireland's economic recovery. The State companies are engaged in a wide range of strategic activities and have significant investment programmes in place. We want to ensure these investment programmes are delivered to best effect in the interests of jobs and growth. The New Economic and Recovery Authority, NewERA, is the planned vehicle whereby the State's holdings of the key State companies will be managed to ensure cost effective investment in key priority areas. These include the energy networks, broadband, water and the bioenergy sector.

Under the NewERA plan, a sharper focus and more structured shareholder engagement will ensure the State companies will make the necessary and appropriate strategic investments over the coming years in these key sectors of the economy. Such investment will not only ensure the delivery of the key economic infrastructure required but will also ensure an economic and jobs stimulus for the country. This is essential and our country is entitled to it.

I am totally committed to ensuring speedy progress is made in establishing the NewERA entity. To that end intensive work is under way to shape the programme in my Department and in the Department of the Environment, Community and Local Government. I am working with the Minister for Communications, Energy and Natural Resource, Deputy Rabbitte, and the Minister for the Environment, Community and Local Government, Deputy Hogan, and all other relevant ministerial colleagues to deliver effectively on the Government's ambition.

A key issue is the opportunity for the State companies to channel the necessary funding at the best cost achievable to the energy, broadband, water and forestry sectors. The structure of the NewERA model must deliver on that objective. As we refocus and restructure across the relevant State companies, it is important to ensure their capability to access additional funding for new and existing investment priorities. We are also examining how best to leverage the National Pensions Reserve Fund and shape the new national development plan to ensure indigenous jobs and growth through the NewERA entity. This is a key priority for the Departments concerned to work on collectively in the short term.

Martin Ferris (Kerry North-West Limerick, Sinn Fein)
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I thank the Minister of State for his response. I am sure such a NewERA programme would be welcome but wonder how it might be affected by the downgrading of State companies and the sale of the assets of such companies, as recommended by the report on State assets and liabilities. Will the Minister of State provide assurance that the programme investment will go ahead and nothing will be done in respect of the two component parts of the proposed State bioenergy companies, Coillte and Bord na Móna, that would prevent that taking place?

In the light of what has happened in Greece where the Government has been pressurised by the IMF and the European Union into selling off some €15 billion of state assets, can the Minister of State provide assurance this will not affect the NewERA programme, given the concerns that exist, especially in one part of the Government which is opposed to selling off any State assets?

Fergus O'Dowd (Louth, Fine Gael)
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The key point is that the Government is ad idem, of one mind, on this. I refer the Deputy to page 14 of the programme for Government which makes very clear that, after due consideration, there will be a sale of State assets amounting up to €2 billion which will be part of, and in addition to, the national development plan. We need to keep the State companies focused on what they do best. If there are investments or companies as subsets of those State companies which can be sold off because they are not essential, the key point being that non-essential State assets are intended, these could be used productively to get a stream of revenue into the State companies and, through NewERA, create thousands of jobs. If we do not get the wake-up call across clearly to everyone that this must be done, we will not be able to recover in this recession or be able to create the jobs that are so essential in broadband, water, bioenergy and so on. This is the situation and that is exactly what we will do. We are united and absolutely committed and dedicated on that principle.

Martin Ferris (Kerry North-West Limerick, Sinn Fein)
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Do I take it the Minister of State is giving a commitment that the €2 billion figure mentioned in the programme for Government is the maximum?

Fergus O'Dowd (Louth, Fine Gael)
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The programme for Government states that up to €2 billion will be invested in NewERA. The key point is that the McCarthy report is being considered by Government and each Department will have its proposals in that regard. However, NewERA is predicated on getting investment from the State of non-essential State assets.