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ARTICLE · 26 MARCH 2012

Update On Irish State Asset Commercialisation/Privatisation Opportunities

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

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Ireland has availed of a loan facility by the IMF/ECB/EFSF "Troika" in the amount of €67.5bn.

IrelandFinance and Banking
John Kettle
John Kettle
Justin McKenna
Justin McKenna
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Background

Ireland has availed of a loan facility by the IMF/ECB/EFSF "Troika" in the amount of €67.5bn. A condition of the facility is that Ireland must generate €2 billion from the disposal of State-owned assets and companies.

The Irish government recently (on 22 February) announced that it had agreed the shape and scale of the asset disposal programme to be implemented in satisfaction of this condition. This announcement stated that the Irish Government has agreed with the Troika sale of state assets up to a value of €3 billion based on the guiding principles that there will be no fire sales; integral transmissions and distribution systems will be retained in State ownership and full value will be derived for the State. The additional €1 billion intended to be raised is to be reinvested in growth and employment-creating measures within Ireland. In terms of valuation of the relevant assets, it has been confirmed that Barclays Capital has been appointed to advise

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