John Paul Phelan (Fine Gael)

I must get a copy. I understand Senator MacSharry will lay it before the House, and I must take a quick look at it afterwards.

I agree with the view expressed by Senator O'Toole about the Government's amendment. It is disappointing it contains no proposal whatsoever. It is completely negative. It expresses opposition to the Fine Gael proposal but provides no positive Government suggestion whatsoever.

A few points were raised that I want to discuss. Senator Doherty spoke about the need to keep Bord Gáis Éireann in State control because there is no gas supply in Donegal. The company is in State control and is not supplying gas to Donegal, and privatising the company will have no effect on that position. In terms of exposing the company to the full rigours of competition, it might ensure the provision of gas in County Donegal.

Senator Twomey is correct, it is interesting that we are being criticised for being too left wing and too right wing, but nobody else seems to be coming up with any proposal as to how we could inject a stimulus into key areas of the economy.

This is not about establishing new quangos. Senator Doherty was completely wrong in suggesting that the only jobs created would be on the board of new quangos. No new quangos are proposed under this document. A number of new State companies is proposed, which will replace existing companies that would either be sold or amalgamated because the harsh reality is that many of them are not suitable to the current economic climate and there is a need for reform. The idea that State institutions should remain in perpetuity makes no sense in a financial situation and a global economic situation which is changing rapidly.

A good example of rationalisation and of where this NewERA national holding company would come into practice would be in the existing provision of broadband. Bord Gáis Éireann is involved in broadband provision, as is the ESB. These two separate commercial entities which are involved in broadband provision do not ensure that we get the best return for the taxpayer and the citizen, but instead work independently of one another, and that is why the new holding company is essential.

On the contribution of the Minister of State, Deputy Mansergh, the Fine Gael initiative removes the requirement for investment under the stimulus plan from Government borrowing. That is vitally important given the current position of the public finances.

A reprioritisation of the national development plan, up to €7 billion, from existing provisions under the plan, will be particularly focused on labour-intensive sectors of the economy.

There will be no depletion of the National Pensions Reserve Fund. The investments under the fund will be made purely on a commercial basis. That is what the National Pensions Reserve Fund is for and I do not see why it should not be invested in this country rather than overseas.

There is also the provision, which other speakers mentioned, on the potential of homes and business to provide energy for themselves and to sell into the national grid. There are a number of other provisions, although I understand the Cathaoirleach wants me to finish up.