Denis Naughten (Roscommon-South Leitrim, Independent)
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1553. To ask the Minister for Communications, Energy and Natural Resources his plans for the distribution of the funds from the sale of Bord Gáis; if he has held discussions with the Department of Finance and the Department of Public Expenditure and Reform; and if he will make a statement on the matter. [31720/15]

Alex White (Dublin South, Labour)
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The sale of Bord Gáis Energy was completed on 7 July 2013 and the share purchase agreement for the sale is €1.1 billion including a small element of contingent consideration. On 7 July 2014, a special dividend of €150m was received from Ervia representing the first instalment of proceeds from the sale of Bord Gáis Energy. Ervia notified my Department on 18 September 2015 that they have arranged the transfer of a further €100m to the Exchequer which represents the second instalment from the sale.

Further special dividends will accrue to the Exchequer over time. Under Eurostat rules, there are limits to the amount of such dividends that can benefit the General Government Balance in any one year. Potential future dividends to be achieved in the coming years will be subject to full consideration on the appropriate gearing level in line with the company's growth plans as well as regulatory and policy objectives.

The issue of scheduling payment of the remaining proceeds of the sale by way of special dividend is currently under discussion between the Department of Public Expenditure and Reform, NewERA, Ervia and my Department, in the context of the company’s new corporate plan. This follows significant developments within the company in the last eighteen months, including the restructuring of Gas Networks Ireland (GNI) post the sale of Bord Gáis Energy. The timing of the payment of the remaining proceeds will be agreed between the departments, taking into account the business requirements and financial metrics of the company and the requirements of Government for the funds.

With regard to the revenue raised from the sale of Bord Gáis Energy, the Government's consistent position has been that the funds released from asset disposals should be used, to the greatest extent possible, to support stimulus and employment initiatives. How best to leverage those funds will be a matter for the Government in due course.