Use of funds from the sale of the State's Stake in Aer Lingus

QUESTION

To ask the Minister for Transport; Tourism and Sport the way in which his Department have used the moneys the State received from the sale of its stake in Aer Lingus; and if he will make a statement on the matter.

REPLY

The Exchequer received €335 million in September 2015 for its 25.1% shareholding in Aer Lingus.
The previous Government invested the proceeds in a new ‘Connectivity fund’ as a sub-portfolio of the Ireland Strategic Investment Fund (ISIF). The Minister for Finance sought Oireachtas approval for the proceeds to be paid into this fund in accordance with Section 46(2) of the National Treasury Management Agency (Amendment) Act, 2014. This further investment strengthened ISIF’s capacity to support economic investment.
The connectivity fund is designed to support projects which enhance Ireland’s physical, virtual or energy connectivity. The management and control of the fund is a matter for the NTMA.