Press release
Minister McGrath designates the Land Development Agency 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 the Land Development Agency (LDA) is a designated body in respect of whom the New Economy and Recovery Authority (NewERA) can provide certain financial and commercial advisory services to relevant Ministers.
Comments by the Minister for Finance:
“I am delighted to have processed the designation of the Land Development Agency(LDA) to NewERA. NewERA provides vital financial and commercial advice service to Ministers and departments in relation to the commercial State sector companies under its portfolio and brings a detailed and comparative knowledge across various sectors. In the first instance NewERA’s advice will be of great assistance to my colleague the Minister for Housing but ultimately it will benefit other Ministers with responsibilities in relation to the LDA.”
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.
Post designation, NewERA will be able to provide certain commercial and financial advice to Ministers on relevant financial and commercial matters relating to the LDA, 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 Housing, Local Government and Heritage in respect of LDA 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 LDA, facilitating the State in taking a portfolio perspective in respect of the assets within its ownership.