NewERA

The Government has established the New Economy and Recovery Authority (NewERA), initially on a non-statutory basis, within the NTMA.

NewERA has the following functions:

• corporate governance from a shareholder perspective of the following Commercial Semi-State (CSS) companies: ESB, Bord Gais, EirGrid, Bord na Mona, Coillte;
  
  
• working with Departments to develop and implement proposals for investment in line with NewERA Programme for Government commitments in Energy, Water and Next Generation Telecommunications;
  
  
• working with the National Pensions Reserve Fund (NPRF) to bring forward proposals for investment of available resources in the NewERA initiative, each such investment to be on a commercial basis;
  
  
• working with the NPRF to develop a Strategic Investment Fund with the medium-term goal of establishing a Strategic Investment Bank;
  
  
• reviewing capital investment plans of the CSS companies from a shareholder perspective;
  
  
• identifying possible synergies between investment programmes of different CSS companies;
  
  
• where requested by Government, advising on, and if appropriate overseeing, any restructuring or disposal of CSS company assets;
  
  
• based on progress with the initial phase of its work, considering a model(s) for a holding company structure which could own the shares in commercial semi state companies.
  
  

The Cabinet Committee on Economic Infrastructure will oversee progress on the establishment and implementation of NewERA and the Strategic Investment Fund.

The NTMA, through its NewERA Unit, may from time to time, engage external professional advisors (including legal, financial, technical and other) to assist it in carrying out the NewERA Unit’s functions.

Any parties interested in providing professional services of this nature to the NTMA/NewERA Unit should contact info@ntma.ie.