Some £180 million (€229 million) in debt accumulated by Nitrigin Eireann Teoranta (NET), the state-owned holding company with a 51 per cent stake in Irish Fertilizer Industries, will be transferred to the Minister of Finance, under the terms of a Bill published yesterday by the Tanaiste, Ms Harney.

The Tanaiste also indicated that the sale process of NET's 51 per cent stake in Irish Industry Fertilizers, which fell through last year, may be reactivated if market conditions prove favourable.

The decision by the Government to intervene was made as NET's revenue streams dried up and it was unable to service the debt.