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Updated, 15.22

THE GOVERNMENT has agreed to sell off a minority stake in ESB, it has confirmed today.

Communications minister Pat Rabbitte told the Dáil this afternoon that the sale of a partial stake had been agreed in principle by cabinet this morning, but that the particular size of the stake had not yet been agreed.

A group jointly chaired of Rabbitte’s Department of Communications, Energy and Natural Resources, and of Brendan Howlin’s Department of Public Expenditure and Reform, will form to make concrete decisions on the sale.

Rabbitte said the committee – which had “very many complex, complicated, intricate decisions” to take, and that it would report its conclusions for the sale of ESB by the end of November.

He refused to estimate on the size of the stake that the government would sell, or the amount it could expect to fetch, but insisted there was “no question” of the government handing over full control of the company.

The minister had yesterday insisted that the government was not likely to dispose of a majority stake – saying the government had learned from the mistakes from the flotation of Telecom Éireann, which he blamed for Ireland’s poor broadband network.

The ESB said it had no comment on the choice, saying the ownership of the company was “a matter for the shareholder”.

The government chose earlier this summer to leave the ownership of the national grid with ESB, while Eirgrid would take over the management of it.

Rabbitte this afternoon clarified that this choice had been taken with the input of all relevant shareholders, including ESB staff.

The sale of state assets is required by the government’s deal with the EU and IMF, which demands that the state raise at least

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