Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

To clarify, that €250 million is not Government expenditure in the budget that was announced in October because it is not coming from tax revenues. It will come from a variety of borrowings, some from the Housing Finance Agency and some from private banking institutions. My understanding is that if there was no redesignation in March, the €250 million would not be included anywhere in the fiscal space. Anything that is underwritten by State guarantees on the debt end would be on the debt side, so when the approved housing bodies borrow that money and spend it to build or buy, that will not be counted in the fiscal space. Is that correct?