Michael McGrath (Cork South Central, Fianna Fail)
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Question 235: To ask the Minister for Public Expenditure and Reform if he will clarify the agreement with the EU/IMF/ECB in relation to the sale of State assets, including details of what has been agreed on the value of assets to be sold and the time frame for their sale; and the agreement on the way any such sale proceeds are to be used. [36079/12]

Brendan Howlin (Wexford, Labour)
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The House will be aware from previous statements that I have made that a target of €3 billion has been agreed for the State asset disposal programme and we have indicated to the EU/ECB/IMF Troika that we expect transactions to commence in 2013.

In dealing with the Troika on this matter, it has been the Government's consistent position that funds released from the disposals would be used to support job creating initiatives in the economy. After a series of negotiations, I have reached agreement with the Troika that all of the Government's proceeds from the asset disposals will be available, in one shape or another, to support job creating initiatives in the economy. Half of the proceeds will be available to fund employment enhancing projects of a commercial nature. The other half, while destined eventually to pay-down debt, will, in the first instance, be constituted as a fund to underpin additional lending into Ireland, for example by the EIB, in support of further investment in job-creating initiatives .