Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

The Senator has raised an important point in this amendment. The bottom line, however, is that in order to deliver on our troika commitments, to which I referred earlier, and, more important, in order to fund our programme for jobs and economic recovery, we must proceed with the sale of Bord Gáis's energy business. I cannot, therefore, accept an amendment which seeks to delete the provision that empowers Bord Gáis to dispose of its energy business subject to ministerial consent.

The Government is committed to retaining the gas network business in State ownership as critical national infrastructure. In doing so, it is incumbent on us to ensure this important business remains well funded and with an investment grade credit rating so that it can continue to invest and to provide dividends to the State as shareholder. The Government, therefore, will ensure there is an appropriate gearing level in Bord Gáis's networks business following the sale of the energy business. This is not, however, a matter that is amenable to provision in primary legislation. To do so, while possibly well intentioned, could result in a situation whereby borrowings to fund necessary infrastructure investment are precluded. That would not assist the company, nor would it deliver security or value to energy consumers and citizens.

While I am not in a position to accept the amendment, I assure the Senator that this matter will be kept firmly under review by me and my colleague, the Minister for Public Expenditure and Reform, on the advice of our officials and the NewERA shareholder executive.