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PARTS OF BORD Gais and the ESB are to be sold off by the government, Minister for Public Expenditure Brendan Howlin has announced.
The government will also considering selling off some assets of Coillte and the state’s 25 per cent shareholding in Aer Lingus when market conditions improve.
However the government has decided not to proceed with the sale of a minority stake in ESB.
The sale of up to €3 billion worth of state assets is required under the terms of the bailout deal struck with the troika. However in a significant change to the EU/IMF deal, one third of the money raised from the sale of the state assets can be reinvested in the Irish economy and will not have to go towards reducing Ireland’s debt.
“When we came into government, the position was that no money from the disposal of assets could be spent on anything except reducing our debts,” said Minister Brendan Howlin.
“I am pleased that following intense engagement the troika has agreed that one third of the proceeds can be used for reinvestment in to our economy. This is a substantial change to the Troika’s previous position and will help promote recovery in the economy”.
Today’s decision will see Bord Gais’s energy business sold off, but not the company’s gas transmission or distribution systems or the two gas interconnectors. Some of ESB’s non-strategic power generation capacity will also be sold off.
Former Minister for Finance Brian Lenihan created a review group in July 2010 led by UCD economist Colm McCarthy to advise on the future of commercial semi-states. The report by the group recommended the part-privatisation of ESB and CIE and the full privatisation of Dublin Bus, and suggested the State could make €5 billion in selling off assets.
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Run with the hare and hunt with the hound, just ain’t on. People voted Independents because they didn’t want mainstream parties. But first chance they get those Independents, turn Turk and push those same mainstream parties into power. Let government give some of their speaking time to them and not opposition time!!!
@Ollie Fitzpatrick: All elected representatives should firstly make a serious effort to get into government. How many more times will the social Democrats come up with excuses for fear of government. Much easier pick up soft money on the back benches and guarantee reelection. The SD’s are nothing more than a debate society and Labour young kids think opposition is better than government. Watch the Labour vote transfer from FG disappear.
We have very little to give out about American politics what this s”"tshow going on
I think that this is about trying to hobble Auntú rather than a matter of principle .
@Des Hanrahan: no harm
Is Kevin Kerr dead? Or has Brennie just not switched profiles lately?
@Padraig Rice Social Dems: I’d be more concerned about Trump24, Tired Jim, Mrs O’Brien, Paul F Doe, Buster Lawless etc than that tool. That first tool I mentioned is never off the Journal and seems to just try to divide Journal commenters on every thread to rile people. That person is obviously a freak, has nothing to contribute and obviously is a dole recipient!
@DJ D: Stephen is another of his profiles. Don’t feed the crocodile!
Funny how these people want diversity, except when it comes to diversity of opinion. Toibin has every right to do what he has to in order to be allocated speaking rights. Aontu got more votes than PBP, the Green Party and Independent Ireland and only got 15,000 less than Labour and the Social Democrats. This criticism from Sinn Fein and the other left-wing hobgoblins seems like nothing more than a cheap attempt to muffle opinions that they don’t like. I personally think that the rule around speaking rights is pure nonsense and is used by the progressive establishment, whether FG, FF or SF, to make sure that smaller parties are kept small. We really should do away with it and allow all members of the Dáil to have fair speaking time and it wouldn’t have come to this if that was the case.
All the elected reps in SDs and Lab wants speaking time but never made a serious effort to govern. The great Irish debating society the SD’s have run to the hills for fear they would have to do something more than pick up their wages.
Nothing new to see here even after the election
He is right.
Isn’t it just typical of SF taking a pot shot at their Ex member Tóibín. They will do anything and everything just to get media coverage. Maybe they should put their time and effort into repatriating the bodies of the people murdered and buried in shallow graves.
In action? SocDems not once, twice but three times have run away from the responsibility of Government. They are as bad as the Shinners.
Tóibín is correct.
Iff sf want real change maybe they should listen to what the public wants
have your say