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New NTMA division to manage State shareholdings

THE Government is to announce details of a new unit which will manage the shareholdings in a number of State companies.

The project will be run as part of the National Treasury Management Agency – NTMA - and manage holdings in ESB, Bord Gáis, Eirgrid, Bord na Móna and Coillte.

Both the EU and IMF want the Government to raise €5bn by sale of State assets.

So Ministers have committed to raising €2bn.

Discussions are underway between the Europe and Ministers about expanding the programme.

The Government wants to reinvest the proceeds in Ireland. But EU and IMF want it used to pay off debt.

A compromise is said to be the likely outcome but the Government will have to make very convincing arguments.