Éamon Ó Cuív (Galway West, Fianna Fail)
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Question 9: To ask the Minister for Communications; Energy and Natural Resources the progress made with the NEW ERA proposal since assuming office; the funds provided for same; the source of the funds; and if he will make a statement on the matter. [10828/11]

Billy Kelleher (Cork North Central, Fianna Fail)
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Question 30: To ask the Minister for Communications; Energy and Natural Resources if he will confirm that the proceeds of the sale of State assets of his Department will be invested directly in the New Era Programme. [10939/11]

Fergus O'Dowd (Louth, Fine Gael)
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I propose to take Questions Nos. 9 and 30 together.

I am working with the Minister, Deputy Rabbitte, and other relevant Ministers to ensure that all appropriate funding opportunities are leveraged to deliver on the NewERA objectives of job creation and economic growth. The report of the review group on State assets and liabilities has been published and is under active consideration by the Government, including consultation with stakeholders. Any future Government decision with regards to this report will have regard to the programme for Government and will target up to €2 billion in sales of non-strategic State assets.

As I already have advised Members, the Government has clearly set out its intention to ensure that the semi-State sector will play a full role in Ireland's economic recovery. The investment programmes of the State companies must be fully focused on delivering for the State as a shareholder and on the Government's strategic priorities. Under the NewERA authority, existing and new investment programmes by the State companies will continue to be funded primarily by revenue streams, regulated income and appropriate borrowings. They must also ensure the best possible return for the State as a shareholder.

Éamon Ó Cuív (Galway West, Fianna Fail)
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Will the Minister of State clarify that the idea of the NewERA programme was to sell off some State assets and to use the money to provide broadband and other infrastructure?

Fergus O'Dowd (Louth, Fine Gael)
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Yes, absolutely.

Éamon Ó Cuív (Galway West, Fianna Fail)
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Perhaps the Minister of State can clarify how this would sit with the EU-IMF programme, which states that all funds realised from the sale of State assets are meant to go towards the reduction of debt.

Fergus O'Dowd (Louth, Fine Gael)
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Clearly, before coming into government, the plan was to use the money in the National Pensions Reserve Fund, the vast majority of which, or more than €10 billion had to be used to bail out the banks. Approximately €4.9 billion now remains in the National Pensions Reserve Fund and that is money that must be considered in respect of NewERA.

On the sale of State assets, there are two ways to do this. The first would be to write off the debt and the other, as my ministerial colleague, Deputy Rabbitte has stated, would be to create jobs. Obviously on an individual basis the Government would be obliged to work with the IMF and EU in respect of the sale of any assets. The clear preference of this side of the House - and I presume also on the Deputy's side - is that were those assets to be sold, job creation would be a productive way in which to use them and they would add to the money that is so urgently needed to create the infrastructure and jobs in broadband, in water and in bioenergy.

Éamon Ó Cuív (Galway West, Fianna Fail)
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I seek clarity on this issue because the Government recently has been engaged in considerable use of statements like "on the one hand and on the other". On one day it states the assets must be used in a sell-off of State assets while on other days, one is told the great big new idea is to have a massive investment in reinvestment, which obviously all Members would welcome. Will the Minister of State crystalise in a "Yes" or "No" answer whether the proceeds will be used for NewERA and whether that is guaranteed? Is he stating today that €4.9 billion of the National Pensions Reserve Fund will be used for NewERA?

Fergus O'Dowd (Louth, Fine Gael)
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The first point is that €4.9 billion is all that remains after the Deputy's party wrecked the economy. As I noted earlier, €10 billion of the money in the fund had to go to bailing out the banks. The troika has told the Government that it will examine fully any proposals the latter may have for the disposal of State assets for the creation of employment, such as the NewERA projects. I hope this response is crystal clear to the Deputy.

Éamon Ó Cuív (Galway West, Fianna Fail)
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To clarify, the Minister of State does not know whether there will be a NewERA project.

Fergus O'Dowd (Louth, Fine Gael)
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To be clear, yes, NewERA certainly will be established and yes, it will be the vehicle for those funds.

Éamon Ó Cuív (Galway West, Fianna Fail)
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It will be a little like the jobs initiative; a micro-NewERA.

Fergus O'Dowd (Louth, Fine Gael)
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No, all jobs are important and the thousands of jobs the Government will create through NewERA will be extremely welcome nationwide, including in the Deputy's constituency.

Éamon Ó Cuív (Galway West, Fianna Fail)
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Now that the Government has examined the information that always was public knowledge in respect of available resources, can the Minister of State outline how much of the pension fund it now is intended to invest in the NewERA project?

Fergus O'Dowd (Louth, Fine Gael)
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I cannot do that because I am not a member of the Government.

Éamon Ó Cuív (Galway West, Fianna Fail)
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The Minister of State's ministerial colleague sitting beside him could tell him.

Fergus O'Dowd (Louth, Fine Gael)
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It is being considered by the Government. A special sub-committee of the Government is dealing with all these issues. I assure the Deputy that NewERA is on that agenda and my specific job, on foot of a Government commitment, is to ensure the process by which NewERA will be set up and will manage the assets of the State will happen as soon as possible.

Éamon Ó Cuív (Galway West, Fianna Fail)
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As a Minister, whenever anyone sent me a draft answer that included the famous statement, "as soon as possible" I rejected it as an answer and asked for a timescale to be provided. Does "as soon as possible" mean three or six months, one, five or ten years or what does it mean? It is a totally meaningless statement in the context of a reply to a Deputy and even as a Minister I always considered it to be so.

Fergus O'Dowd (Louth, Fine Gael)
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Having been in government for 17 of the past 20 years, I can understand there was no sense of urgency from the Deputy's party. To be perfectly clear, there have been several discussions in the Departments of Communications, Energy and Natural Resources and Environment, Community and Local Government. As I stated in the original reply, I am working with the respective Ministers, Deputies Rabbitte and Hogan. The Department of Finance also is very interested in this project and a Cabinet sub-committee will deal with it. I intend to have this in place as soon as possible.

Éamon Ó Cuív (Galway West, Fianna Fail)
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Does the Minister of State envisage a period of six months or one, two or five years?

Fergus O'Dowd (Louth, Fine Gael)
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I cannot-----

Éamon Ó Cuív (Galway West, Fianna Fail)
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Will it be within one year?

Pat Rabbitte (Dublin South West, Labour)
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No one would sell assets in this climate.

Éamon Ó Cuív (Galway West, Fianna Fail)
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Within a year?

Fergus O'Dowd (Louth, Fine Gael)
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One issue is whether legislation is required to establish the entity. If legislation is not needed, I hope it will be done before the summer. If legislation is required, I would hope to have it before the end of the year. In either event, by the time Santa Claus visits the Deputy, it is to be hoped that NewERA also will be in his package.