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Dáil Éireann - Volume 439 - 03 March, 1994 Ceisteanna—Questions. Oral Answers. - Sale of State Assets. Mr. Yates Mr. Yates 4. Mr. Yates asked the Minister for Finance the way in which the Government intends to raise the targeted extra receipts of over £50 million through the sale of State assets as set out in the 1994 Budget White Paper; and when this will happen. Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: While no final decision has yet been taken I envisage that some, at least, of these receipts can be realised through the sale of part of the State's shareholding in Irish Life plc. As regards the timing of any sale, this must obviously depend on a range of factors, including market conditions. Mr. Yates Mr. Yates Mr. Yates: What is the secrecy about this matter? There was no reference to it in the Minister's Budget Statement and it was not until stockbroker economists discovered the discrepancy in capital receipts in the budget that this matter came to light. Last year the Minister sold shares in Irish Life. He got a very bad price, but it was done in a straightforward way. Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: It was an excellent price. Mr. Yates Mr. Yates Mr. Yates: The Minister got £1.90 and now they are worth £2.40. Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: That is wrong. Mr. Yates Mr. Yates 1542 [1542] Mr. Yates: The Minister may think that is a good price, but I do not. Has the current controversy about Telecom Éireann anything to do with this and will the receipts from Cable & Wireless go to the Exchequer or will they be put into Telecom Éireann? An Ceann Comhairle Seán Treacy An Ceann Comhairle: The Deputy is injecting new matter. Mr. Yates Mr. Yates Mr. Yates: The question relates to State assets without reference to any company. Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: This relates to miscellaneous receipts. There are other bits and pieces that could be sold to raise £50 million. The Deputy will be delighted to know — or perhaps he will not — that Telecom Éireann is not included in any figure in the budget. The reason for waiting is primarily to see how the market is. The share price yesterday was under £2.30. Mr. Yates Mr. Yates Mr. Yates: Is it possible that the ACC is included in the “bits and pieces” the Minister referred to? Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: Nothing major is included. Mrs. Owen Mrs. Owen Mrs. Owen: It is like a jumble sale; a bit here and there. Mr. B. Ahern Mr. B. Ahern Mr. B. Ahern: A few fields here and there. Mr. Yates Mr. Yates Mr. Yates: The figure of £50 million is very small in the context of a £13 billion budget. You could lose that in a day. Dáil Éireann 439 Ceisteanna—Questions. Oral Answers. Sale of State Assets. Questions 19940303
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