Smoke-ban State defends €24m tobacco share bonanza

CHARLIE McCREEVY yesterday defended the State holding €24 million of shares in tobacco companies while publicans are being charged under the new anti-smoking laws.

The outgoing Finance Minister said he did not see any contradiction in the pension board investing taxpayers’ money in cigarette firms as bar owners are being prosecuted for allowing people to smoke on their premises.

The State’s shares in tobacco firms hit an estimated value of €24m in 2003. Exact figures will be published next week in the National Pensions Reserve Fund (NPRF) report.