Michael D'Arcy (Fine Gael)

I thank all sides of the House. The Bill was dealt with in a speedy and professional manner which is how all legislation and also the Order of Business should be dealt with. This was not the case this morning. We have a unique relationship with the IMF at this moment. Perhaps it is not quite unique as there are three of us in the programme. The IMF is proving to be the more flexible of the troika, from what I am being told. This flexibility has been demonstrated with regard to the sale of State assets. While people refer to the case of Eircom as being a bad news story with regard to the sale of State assets, there is nothing new in the practice. In 2009, the previous Administration, via the ESB, sold four power stations to Indesa, bringing in €450 million and Indesa invested a further €450 million into the country in that period. I know this because I am based in Wexford where Great Island power station is in receipt of €300 million of those funds for an upgrade. The project is due to break ground in May this year. It is a 30 months project with 500 construction jobs. Councillor Larry O'Brien and the local authority have been ensuring that as many local people as possible can work on the site. If we do not embrace the new way of doing business, which is to sell non-strategic assets and use the money to create jobs, we will be in greater difficulty now and in the future. I am informed €1 billion worth of assets must be realised before we can put some funds towards job creation. In conjunction, County Wexford received its first portion of natural gas from the BGE pipeline which is also a benefit because it means construction jobs and €1million per kilometre to construct the pipeline into the county. There is a new order with regard to the IMF and this measure is a part of this evolution.