Simon Harris (Wicklow, Fine Gael) | Oireachtas source

There would be other modalities that would be open, such as the PPP model and so on, where there would be an investment from the public sector and a commercial element in roads. I do not want to be restrictive in that regard. I take the Deputy's point in relation to the issue of the definition of connectivity. The definition is, as I have outlined, broader than transport projects but it will be up to ISIF to assess the commercial viability of any proposals. Again, the proposals have to be commercial because we have to keep it off-balance sheet. If we do not keep it off-balance sheet, it is of no additional benefit to the economy because it comes out of the limited fiscal space.

This is one sub-portfolio of a broader ISIF and the broader ISIF will be getting involved in sectors such as innovation, SMEs, infrastructure, energy, food and agriculture, venture capital, direct private equity.

In relation to the figure of €1.5 billion, that is in agreement with the European Commission. It is the upper limit of what the Government can do in the budget. It is based on the fact that we are entering the preventive arm of the growth and stability pact, where if one has a debt ratio in excess of 60%, one needs to move towards a 0% deficit. The €1.5 billion is the assessment of that fiscal space. Even if it was not, I would also argue it is prudent.