David Cullinane (Waterford, Sinn Fein) | Oireachtas source

It looked at 16 voluntary hospitals and I will read the conclusions:

Sixteen voluntary hospitals and a number of other health services providers are effectively integrated into the public healthcare system. However, these entities function as arms-length bodies with their own legal status and with capacity to transact business in accordance with their own constitutional arrangements. Considerable public resources are provided to them for the provision of public health services, and the construction and maintenance of related facilities as required. SVHG has pledged publicly-funded assets in return for bank finance for development of its private hospital.

Essentially, we have a leveraging of a public asset for a private hospital. It goes on to state:

The situation illustrates a hazard that attaches to the provision of services through fully subvented, or nearly fully subvented, private institutions. Their freedom to pursue their other objectives may be exercised in a way that does not protect the State's financial interest.