Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

Deputy Naughten's argument about balanced regional development is well made, but Deputy Naughten knows as well as I do that we are discussing an independent function of the regulator. He knows very well that if it were open to me to intervene, which it is not, because the regulator is statutorily independent, it would get me into difficulties at European level. That is not to take from the argument he makes about the necessity of such infrastructure being available in his town and elsewhere along the north west.

My hands are not tied in terms of the proceeds of this sale, if it is successful, being used for investment purposes to create employment. I am suggesting my hands are tied from earmarking individual particular projects for that purpose. If the sale is successful, I suspect my colleagues around the Cabinet table would have views about how the proceeds are used.

Deputy Naughten requested that I would report back to the House or the sub-committee on this issue and I have no difficulty with that. Deputy Moynihan has tabled an amendment to this effect and it is an amendment I have a great deal of sympathy with. According to the advice given to me, it is not an amendment that needs to be enshrined in law but it is an amendment I am happy to honour in terms of coming back and reporting to the sub-committee or the Dáil proper and I can give Deputy Naughten the assurance that I am more than pleased to do that. However, substantial and sustained work would be necessary if the terms under which the regulator makes his decision were to be altered. That would require a good deal of technical input because the regulatory framework is independent of my meddling.