Irish government to unveil asset sale list

THE Irish government unveiled a final list of assets on Wednesday to be hived off to pay down debt, according to media reports.

State assets worth between euro2 billion to euro3 billion (RM8 billion to RM12 billion) will go on the block, including the retail division of gas supply company Bord Gais, according to a report in the Irish Independent.

The sale of the state's most valuable asset, the Irish Electricity Supply Board (ESB), is off the table according to the Independent, after the Cabinet approved the plans on Tuesday evening.

But state broadcaster RTE said the government has agreed to sell off the power generation sections of ESB and Bord Gais, while the strategically-important networks will be retained. The government has said previously it is looking to raise euro2 billion to plug its deficit, but has indicated it may exceed that after winning approval to use some of the proceeds to invest in the economy as well as pay down debt.

The International Monetary Fund, one of Ireland's three international lenders, urged it to increase the figure to euro5 billion last year.

A review commissioned by Ireland's previous government said stakes in Aer Lingus and parts of energy utilities ESB and Bord Gais should be sold, when published last year.

It recommended that parts of former monopoly energy provider ESB, including its energy supply business, electricity distribution business, generation assets and overseas interests should be sold as a single entity.

The review said it would not, however, recommend that the core transmission assets in ESB or Bord Gais be sold off.

Public Expenditure Minister Brendan Howlin will give details of the assets, and how much is expected to be raised from the sales later.

A government spokesperson was not immediately available for comment. Reuters