ESB: Selling off state-owned companies would be 'foolish'
The ESB Group of Unions has said the Government could make more money from this semi-state company if they hold onto it , rather than sell it.
The group was responding to recommendations made in the Colm McCarthy report, which was published yesterday.
In the report, the economist recommends that the Government sell off large parts of many state-owned or semi-state companies, including the ESB and Bord Gáis in an effort to raise up to €5bn for the Exchequer.
But the Secretary of the ESB Group of Unions Brendan Ogle said this would be a foolish move: "The Government own the company and they can set what size of dividend they want to take.
"What size of dividend will the Government get from the private company that Colm McCarthy wants to sell ESB to?
"The ESB has gone out, with their credit rating, borrowed on the international markets, built up these assets.
"There is debt, but there is the potential to raise further money to invest in this company."
