Micheál Martin (Cork South Central, Fianna Fail)
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Question 294: To ask the Minister for Public Expenditure and Reform if he has finalised his plans in relation to the sale of State assets and in particular the possible investment on job creation from same; and if he will make a statement on the matter. [5155/12]

Brendan Howlin (Wexford, Labour)
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The Deputy will be aware that I announced details of the Government plans to dispose of certain non-strategic State assets last week. The assets to be sold will be:

- Bord Gais Eireann's Energy business (but not including BGE's gas

transmission or distribution systems or the two gas interconnectors, which will remain in State ownership); and

- some of ESB's non-strategic power generation capacity;

Consideration will also be given to the sale of some assets of Coillte, but not its land-holdings, and the sale of the States remaining shareholding in Aer Lingus when market conditions are favourable and at an acceptable price to Government.

This programme of disposals is based on the guiding principles that there will be no fire sales; integral transmissions and distribution systems will be retained in State ownership and full value will be derived for the State. It represents a commitment by Government to disposals of up to €3bn, and in return the EU/ECB/IMF Troika has agreed to the retention of one-third of the proceeds for much needed reinvestment in our economic recovery along the lines suggested in the Deputy's question.

Michael McGrath (Cork South Central, Fianna Fail)
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Question 296: To ask the Minister for Public Expenditure and Reform if he is satisfied that proceeds from the sale of State assets can be used to address infrastructure deficiencies within the economy in a way that boosts economic growth and employment; and if he will make a statement on the matter. [5633/12]

Brendan Howlin (Wexford, Labour)
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I announced last week that, following intense engagement, I secured an agreement with the Troika that a third of the proceeds of our asset disposals programme can be used for re-investment in our economy. This is a substantial change to the Troika's previous position and will help promote recovery in the economy. The Government has agreed with the Troika the sale of state assets up to a value of €3 billion which would mean that we could retain around €1 billion. We are now considering carefully how we should use this money to maximise the return to the economy.