Oireachtas Joint and Select Committees

Thursday, 4 May 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Improving Investment Opportunities in the Wider Economy: Discussion

10:00 am

Mr. Andrew McDowell:

There is recognition of Northern Ireland's and Ireland's unique exposure. I think much of this will depend on the negotiations. We need to see what the outcome of that is with regard to eligibility of projects in Northern Ireland for further EIB financing. Within the EIB itself, there is a strong recognition of Northern Ireland's unique vulnerability. As long as the UK remains a shareholder in the bank for the next two years, Northern Ireland, like the rest of the UK, will remain eligible for EIB financing. What happens after that, after the UK exits the European Union, will be a matter for the negotiators between the 27 and the UK. We, as a bank, will obviously be bound by the outcome of those negotiations. Particularly now that Ireland has a vice president in the bank, which we have every 12 years, it can be taken that I will see it as my role to work closely with my British colleague - who remains a vice president of the bank and who formally looks after our operations in Northern Ireland - and other colleagues on the management committee to pay special attention to the situation in Northern Ireland.

Comments

No comments

Log in or join to post a public comment.