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Dublin: 11 °C Monday 22 December, 2014

Here’s how the government is going to spend the €200 million it raised from asset sales

Cash for the GAA, pyrite redress, cyclepaths and road improvements are all in the pipeine.

Cork's Pairc Ui Caoimhe is in line for an upgrade
Cork's Pairc Ui Caoimhe is in line for an upgrade
Image: James Crombie

THE DEPARTMENT OF Public Expenditure and Reform has announced the details of projects set for a windfall from the proceeds of state assets sales.

€200 million from the sale of Bord Gais Energy and some ESB assets will be spread around road schemes, social housing and a range of tourism related projects.

Some of the main winners from the process include:

GAA

Cork’s Páirc Uí Chaoimh will get €30 million towards the €70 million cost of redeveloping the stadium as a centre of excellence. A full size weather training facility and local Marina Park will be installed as part of the process.

Social Housing

€50 million will be given to the Department of the Environment, Community and Local Government for social housing.

This will be broken down into €20 million for finishing off 800 vacant units, €10 million on capital projects for homelessness, and €20 million for the construction of 130 units in the most deprived local authorities.

Pyrite homes

€20 million has been set aside for construction, advisory and other contractors undertaking remediation work to homes affected by pyrite. The funds will be channelled through the Pyrite Remediation Scheme.

Roads & cyclepaths

Road surface improvements are in line for a €50 million boost, with the N22 Macroom pavement strengthening and the M11 Shankill-Bray South schemes set for improvement.

€10 million has also been earmarked for cycling greenways, including the Dublin-Athlone-Galway route.

In addition to this €22 million has been set aside for 1916 commemoration projects, with €5 million for the Special Olympics and €2 million for the development of Lough Derg as a key tourism destination.

It is the fourth stimulus announcement in the lifetime of the Government, with previous packages in June 2012, July 2013 and in the Budget announcement for 2014.

Column: Call that a stimulus? What we need is a tax cut.

Sold: Government selects winning €1.12 billion bid for Bord Gáis Energy>

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