Ah well, it was only a matter of time, but today was officially announced by Minister for hardshipReform, Brendan Howlin that Ireland would begin the process of selling off the crown jewels. They hope to raise in the region of €3 billion. When you put that in context,  Ireland currently owes €120 billion, so its it won’t make the slightest dent in the banker’s bill that Ireland has been handed. And saving the best for last, they would not be sold off cheaply but would start to be sold next year. As if things are going to get better 😉 The following were announced by the minister:

THE GOVERNMENT is planning to sell off parts of the ESB and Bord Gais in a bid to raise €3bn – €1bn of which will be put towards job creation.

Stake in National Electricity and Gas companies

However, the strategically important networks of both companies, which carry gas and electricity, will be remain in State control.
In the case of Bord Gais, the company’s energy business, excluding its gas transmission and distribution systems and two gas interconnectors, are for sale.
Some of ESBs non-strategic power generation capacity has also been put on the block but the Government has held back on selling a minority stake in the firm.

National Forestry

Other sales include some forests owned by Coillte but not the land on which they are planted.

Stake in National Airline

In addition, the remaining state-controlled stake in Aer Lingus will be sold when conditions are favourable and the stock market price is acceptable to the Government.

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