The Minister for Finance Michael McGrath has signed a statutory instrument that extends NewERA’s remit to the Land Development Agency (LDA).

New Economy and Recovery Authority (NewERA) provides financial and commercial advice to relevant ministers on the exercise of their ownership functions in certain designated commercial State companies.

It will now be able to provide similar advice on the LDA to Minister for Housing Darragh O’Brien and other ministers, after Minister McGrath signed the relevant order under section 18(3) of the National Treasury Management Agency (Amendment) Act 2014.

Board appointments

“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,” said the minister.

As well as broader commercial and financial advice, NewERA provides guidance on issues such as board appointments and the pay of chief executives of designated bodies.