Michael Moynihan (Cork North West, Fianna Fail)
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To ask the Minister for Finance the progress made to date on the New Era project; and if he will make a statement on the matter. [53261/12]

Michael Noonan (Limerick City, Fine Gael)
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I informed the Deputy in response to a question from him on progress on the NewERA project on 15 November 2012 that the Government announced the establishment of the New Economy and Recovery Authority (NewERA) within the National Treasury Management Agency (NTMA) in September 2011. NewERA has a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: ESB, Bord Gáis Eireann, EirGrid, Bord na Mona and Coillte. This role, based on the Shareholder Executive model already established in a number of developed economies, involves advising on activities such as capital expenditure plans, corporate strategy, acquisitions and disposals. NewERA is already working closely with the relevant Government Departments and companies in this regard. The Shareholder Executive approach is designed to provide the Government with a portfolio view of investment returns from the sector and with a means of assessing the likely impact of commercial developments in the sector on long-term Government investment plans.

NewERA is also charged with assisting the development and implementation of Government plans for investment inenergy, water and next-generation telecommunications with the long-term objective of employment creation and has commenced work with the relevant Government Departments in these areas. NewERA is an important element in the Government’s strategy to promote economic growth and create jobs.

Officials of my Department are liaising with the National Treasury Management Agency in preparing proposals for legislation to put NewERA on a statutory footing and I expect to bring forward those proposals as soon as possible once that work is completed.