Press release
Minister McGrath designates RTÉ and TG4 to NewERA
Published on
Last updated on
Published on
Last updated on
The Minister for Finance Michael McGrath has signed the relevant Statutory Instrument under Section 18(3) of the National Treasury Management Agency (Amendment) Act 2014 to provide that RTÉ and TG4 are designated bodies in respect of whom the New Economy and Recovery Authority (NewERA) can provide certain financial and commercial advisory services to relevant Ministers. This designation follows on from the recommendation of the Future of Media Commission report, published in 2022 to designate RTÉ and TG4 to NewERA.
Minister McGrath commented:
“I am pleased to have processed the designation of RTÉ and TG4 to NewERA following the recommendations of the Future of Media Commission report and the recent issues surrounding RTÉ. NewERA provides vital financial and commercial advice service to Ministers and departments in relation to the commercial Semi-State sector companies under its portfolio and brings a detailed and comparative knowledge across various sectors. I look forward to and will consider their advice and contributions in respect of RTÉ and TG4 in the coming months."
The National Treasury Management Agency (Amendment) Act 2014 (NTMA Act) established the NTMA’s NewERA functions on a statutory basis, to, inter alia, provide financial and commercial advisory services to relevant Ministers on the exercise of their ownership functions in certain designated commercial State sector companies. In this way, NewERA provides a vital service to the Ministerial shareholders in relation to these companies and brings a comparative knowledge across various sectors while providing an extra degree of qualitative analysis to projects and proposals.
One of the recommendations in the Future of Media Commission report, published on 12 July 2022, was that both RTÉ and TG4 should be designated as designated bodies under Part 3 of the NTMA Act and should be subject to formal oversight by NewERA. Post designation, NewERA will be able to provide certain commercial and financial advice to Ministers on relevant financial and commercial matters relating to the RTÉ and TG4, but in line with the NTMA Act the Ministers can take any other advice or considerations into account that he/she wishes.
NewERA currently provides financial and commercial advice on specified matters to the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media (“MTCAGSM”) in respect of RTÉ and TG4 by agreement.
NewERA’s role in providing commercial and financial advice to relevant Ministers/departments on a broad range of commercial State sector companies and assignments (including for example providing advice in relation to board appointments and remuneration of Chief Executive Officers of designated bodies) means it can apply a broad perspective and expertise in the advice it provides in respect of RTÉ and TG4, facilitating the State in taking a portfolio perspective in respect of the assets within its ownership.”