Jimmy Harte (Labour) | Oireachtas source

Everyone is reluctant to sell off family silver. For this reason, the sale of State assets must be done under scrutiny and with due diligence. The departure from office of the previous Administration brought to mind the last days of Saigon. The Fianna Fáil-Green Party Government acceded to every demand made by the troika because the country was in such dire straits that it not have any bargaining power. In fairness to the current Government, it put up a much better fight on the troika's demand that all proceeds from the sale of State assets be used to pay down national debt. The decision to use much of the revenue from such sales for investment and job creation purposes is an important step. This means the money from the sale of Bord Gáis Energy will not only be used to pay down debt but to create employment. It would have been a bad deal if we had been required to agree to the troika demand to use all the proceeds from the sale of assets to pay off debt. The Government has decided to use half of such proceeds for job creation purposes and the other half to be retained for future investment.

While the price paid for Bord Gáis Energy will obviously be a matter for the markets, it is important to note the economy is picking up. I learned this morning that China is to invest in five or six nuclear power stations in the United Kingdom. This indicates there is significant potential to tap investment from other countries and funds in the Irish energy market. Bord Gáis Energy will be sold at the right price and, more important, the proceeds from the sale will generate additional employment. We can discuss the rights and wrongs of selling State assets all day but this sale is taking place in the best interests of citizens. Those who are in college or school and those who are not yet born will see the benefits of this measure. I commend the Bill. As Senator Mac Conghail stated, the review of the legislation within 12 months of it entering into force will be important and I am sure the Minister will return to the House to report on progress at that point.