Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context | Oireachtas source

98. To ask the Minister for Public Expenditure and Reform the extent to which State assets have been disposed of to date in order to address the budgetary situation; if sufficient funds have been raised from such disposals and with a view of ensuring that decisions taken are in line with the best interests of the country as opposed to enforced sale; and if he will make a statement on the matter. [3171/14]

Brendan Howlin (Wexford, Labour)
Link to this: Individually | In context | Oireachtas source

None of the receipts from the sale of State assets either completed or currently underway were required to meet our debt reduction targets to-date, including for 2014. Rather, the Government intends that the funds released from these asset disposals are to be used in the short term, in one form or another, to support job creating initiatives in the economy. Of course, some of these funds will be available, ultimately, to pay down debt.

I have factored a total of €110m into the Estimates for 2014 in respect of projects supported from the proceeds of State asset disposals and I am confident that sufficient funds are being generated from disposals to meet these costs: ESB s sale in November of its 50% shareholding in Marchwood Power Limited in the UK achieved a price which was in excess of expectations and which should realise over €140 million in dividends for the Exchequer in 2014.   In December, a preferred bidder was agreed for Bord Gáis Energy on the basis of an enterprise value of up to €1.12bn for the company. In addition, ESB is in the process of selling other assets. Additional elements of the Stimulus Plan will be rolled out as the various asset sale transactions are completed and the proceeds are realised. 

In preparing the assets disposal programme, the Government has been careful to ensure that disposals are undertaken in the best interests of the country. In particular, the position of strategic infrastructure such as the electricity and gas networks has been safeguarded, and the House will note that such assets do not form part of the disposal programme.