Written answers

Wednesday, 17 October 2018

Department of Transport, Tourism and Sport

Sale of Aer Lingus

Photo of Darragh O'BrienDarragh O'Brien (Dublin Fingal, Fianna Fail)
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205. To ask the Minister for Transport, Tourism and Sport the way in which his Department has used the moneys the State received from the sale of its stake in Aer Lingus; and if he will make a statement on the matter. [42686/18]

Photo of Shane RossShane Ross (Dublin Rathdown, Independent)
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The Exchequer received €335 million in September 2015 for its 25.1% shareholding in Aer Lingus.

The previous Government invested the proceeds in a new ‘Connectivity fund’ as a sub-portfolio of the Ireland Strategic Investment Fund (ISIF). The Minister for Finance sought Oireachtas approval for the proceeds to be paid into this fund in accordance with Section 46(2) of the National Treasury Management Agency (Amendment) Act, 2014. This further investment strengthened ISIF’s capacity to support economic investment.

The connectivity fund is designed to support projects which enhance Ireland’s physical, virtual or energy connectivity. The management and control of the fund is a matter for the NTMA.

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