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The Elephant In The Forest Asset Sale Debate
national |
environment |
press release
Wednesday March 13, 2013 21:52 by T
WOODLAND LEAGUE PRESS RELEASE FEB 25th 2013 For immediate release. The Woodland League wish to highlight the fact that Coillte since 2009 have already sold 108 million euros of trees with harvesting rights, to IFUT ( Irish Forestry Unit Trust ) a pension fund company, of which they are partners. In a bizarre situation, Coillte have used these proceeds to pay off some of its own large pension fund debts. The National Pension Reserve Fund has also been used by IFUT to fund these sales and its contribution obscured within IFUT’s bail out of Coillte. This is not how this vital Public NPRF funding should be used, it is supposed to be invested in the peoples future. http://www.nprf.ie/Publications/2011/NPRFReport2010.pdf Interview of Andrew St. Ledger of Wood Land League outside Dail prior to motion on sale of Coillte assets Coillte are also partners in IFUT using 15 million punts worth of Public forests in 1994 for their equity share, this major transfer of Public assets occurred without any accountability or Public consultation. Coillte have sold 40,000 acres of Public forests since its inception in 1989, privatizing Public assets has been part of its modus operandi. IFUT is the home of most semi state company pension funds, like the ESB, and Bord Gais, IFUT is in effect a vehicle being driven by a Public company facilitating Public servants to buy Public assets from the same Public company. |