Sale of assets hindered by €3.4bn hole in semi-state pension funds

THE €3.4 billion hole in pension funds of semi-state companies has tied the hand of the Government in deciding how to proceed with the sale of state assets.

A spokesperson for Public Expenditure Minister Brendan Howlin said he will bring proposals to Cabinet “shortly” on how to proceed with the disposal of assets as agreed with the bailout troika of the EU, IMF and ECB.

The plan is expected to involve the sale of minority stakes companies considered to be of strategic importance, such as ESB and Bord Gáis, to raise €2bn for infrastructure projects.