Semi-states pay €475m dividend to government

The Government last year had a dividend bonanza from the semi-state sector with the dividend payout rising by 80% to €475m.

Figures provided by Finance Minister Michael Noonan show that semi-states last year paid out €475m, that included €269m from the ESB.

The €475m payout from the semi-state sector is €211m more than the €264m paid out in 2013.

The 2014 total shows €1.8bn has been paid out in dividends by the semi-state companies between 2003 and 2014.

The figures show that the dividend pay-out by the semi-states has increased dramatically since 2008.

Prior to 2008, total annual dividends received by the Government did not go over €83.9m in any year and totalled only €36.7m in 2003.

The dividend payout more than doubled to €264m in 2013 before again enjoying a sharp rise last year.

The figures show that the dividends from the semi-state energy firms have accounted for the largest proportion of the dividend payouts.

The figures for 2014 show that along with the €269m paid out by the ESB, Ervia (previously Bord Gáis) paid out €171m.

In a written Dáil reply to Fianna Fáil’s Michael McGrath, Mr Noonan further confirmed that Bord na Mona paid out €10.6m in dividends with the Dublin Port Company paying the Government €8m.

Other semi-states to contribute include Coillte, which provided €6m in dividends; Aer Lingus paid €5.36m; the Irish Aviation Authority paid €4.83m with the Port or Cork paying €503,861.

The dividend in 2012 totalled €111.6m and €137.5m in 2011.

In the period 2003 to 2014, the ESB has paid out €1.12bn with Ervia paying out €381m during the period — 88% of the total paid out by semi-states during the period.

Commenting on the figures, Mr McGrath said: “The sale of Bord Gáis Energy and the disposal by the ESB of power plants in the UK and Spain has generated significant cash dividends for the State.

“In January 2013, we were assured by the Government that they had reached an agreement with the troika to allow for half of the proceeds from the sale of State Assets to be used to support job creating projects,” he said.