Minister for Public Expenditure and Reform Brendan Howlin has said that half of the total money raised by the sale of State assets will be used directly for job creation.

Minister Howlin also said the balance would be used to set up a fund to stimulate economic growth.

Following talks with the Troika and the European Investment Bank in Brussels this week, Mr Howlin said all of the money would be used, one way or another, to leverage immediate stimulus into the Irish economy.

Yesterday, the Taoiseach said a detailed list of the assets for potential sale would be brought forward by mid-summer.

Speaking on RTÉ’s Morning Ireland, Mr Howlin said it would be one element of an overall economic stimulus package to be announced by Government.

He declined to say whether the announcement would be made before the fiscal treaty referendum, saying he did not want interfere with the vote.

The Minister also said that he had been assured that there was a “robust” appetite in the markets for the State assets.

Responding to the announcement by Minister Howlin, Sinn Féin finance spokesman Pearse Doherty said that there was no guarantee that money from selling State assets would be available this year.

He said money needed to be invested in job creation immediately.

Mr Doherty said the €5.4 billion euro in the National Pension Reserve Fund should be used for job creation and should be used as leverage to borrow money from the European Investment Bank.