Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome Mr. McDowell, Mr. Murphy and Mr. Ashmore and his colleague Ms Mahon and thank Mr. McDowell and Mr. Ashmore for their opening remarks.

Mr. McDowell is welcome to his first meeting before this committee in his relatively new role as vice president of the EIB. The profile of the EIB has improved considerably in Ireland in recent months, not least through his own appointment and the opening of its office in Dublin. It is good to see its activity ramping up and it hopes to reach about €1 billion of investment into Ireland this year.

There is a general acceptance that there is a need to increase capital investment in the economy, and a key constraint is the fiscal rules. Can Mr. McDowell clarify the different platforms through which the EIB can provide funding, whether it is off-balance sheet in the form of PPPs or direct Exchequer capital expenditure which would be on-balance sheet? Can Mr. McDowell address what opportunities there are for Ireland to increase capital investment using the finance available through the EIB but in the context of the constraint imposed by the fiscal rules?