gov to invest in broadband (again?)

bealtine

http://www.siliconrepublic.com/careers/item/33049-jobs-boost-potential-as-gov

Thousands of new jobs may be on the cards in the construction of vital infrastructure in the areas of broadband, transport, energy and essential services after the Government of Ireland revealed that €6.4bn out of the National Pension Reserve Fund will be allocated to a new Strategic Investment Fund.

The new National Treasury Management Agency (NTMA) Amendment Bill, which formally establishes NewERA and will make €6.4bn in the National Pension Reserve Fund's discretionary portfolio available for commercial investment, potentially paving the way for thousands of new jobs.

The Bill establishes NewEra on a statutory footing and establishes a new Strategic Investment Fund for Ireland (ISIF).

ISIF reorientates the National Pension Reserve Fund and makes €6.4bn in the Fund’s discretionary portfolio available to invest in commercial projects.

“The overall objective of this Governments approach is very clear - creating jobs and opportunities now and providing the basis for sustainable jobs and growth for the future,” Ireland’s Minister for Finance Michael Noonan TD said.

“This bill which provides for the establishment on NewERA, the establishment of a €6.4 billion Ireland Strategic Investment Fund, and the streamlining of the NTMA will maximise investment, generate economic activity and create jobs across the economy,” Noonan said.

The Bill will change the way the State manages semi-State companies and aims to ensure efficient use of capital.

NewERA will advise the Government on corporate finance, financial performance and capital investment projects.

“This is the first time that we will have a dedicated fund available to support economic growth and development in Ireland,” the Minister for Public Expenditure and Reform Brendan Howlin TD said.

“This fund will continue to attract investment and will make best use of our resources. Given the overall budgetary constraints in which we are operating, it is essential that we continue to ensure investment in jobs and growth in a sustainable way.”

Accelerating investment in infrastructure
NewERA will also work with stakeholders to accelerate investment in sectors of strategic importance such as communications, energy, transport and other areas where civil engineering and capital investment is needed.

“NewERA is charged with assisting in the development and implementation of Government plans for investment in key economic infrastructure in particular water, energy and next-generation telecommunications,” the Minister for State responsible for NewERA Fergus O’Dowd TD said.

“I’m delighted that NewERA has already commenced work with the relevant Government Departments in these areas, including work on the initial financing of Irish Water, the establishment of the National Energy Efficiency Fund, financial evaluation of the potential for export wind and evaluation of the role that State entities can play in the delivery of the National Broadband Plan.”

Nolars

Yea how much of that will go to broadband service in rural areas, that is the question.

wolf99

Nolars wrote: »

Yea how much of that will go to broadband service in rural areas, that is the question.

Sweet FA

daithicarr

So we raid the pension fund, invest it in broadband run by big multinationals.
they will outsource a lot of the work and the profit they make from the customers goes abroad or to wherever their shareholders dwell.

I'm not massively in favor of the government running things , but instead of the above, if they spent the money on a domestic company, run by them or others, they would provide jobs in Ireland , collect some of the money back in taxes and the money spent by customers on broadband would stay in Ireland.

Might also mean instead of lots of different smaller networks run by various companys , UPC, Eircome, three etc etc, you could build one larger network ???

oscarBravo

daithicarr wrote: »

Might also mean instead of lots of different smaller networks run by various companys , UPC, Eircome, three etc etc, you could build one larger network ???

Cheers for the thought, but some of us who run smaller networks are still picking up the pieces from the last time the government decided to subsidise a mobile network to compete with us.

daithicarr

Sorry wasn't very clear, I meant a larger network like the ESB network, in charge of just in charge of maintaining and building a network, then lease it out to other company's. Rather than Eirecom "maintaining " the old national network and competing privately for customers as well as other company's having to put down their own networks in the same areas to compete, which seems to me that the most densely populated areas end up with competing networks.

clohamon

oscarBravo wrote: »

Cheers for the thought, but some of us who run smaller networks are still picking up the pieces from the last time the government decided to subsidise a mobile network to compete with us.

Do you think anyone was representing your interests at the Next Generation Broadband Taskforce?

oscarBravo

clohamon wrote: »

Do you think anyone was representing your interests at the Next Generation Broadband Taskforce?

Nope.