Leo Varadkar (Dublin West, Fine Gael)

This decision may turn out to be the biggest made by the Minister during his time in office. I hope he has made the right decision. I am concerned that adequate scrutiny has not been given to this acquisition.

Does the Minister agree that the €1 billion being spent by the ESB would have been better invested in the Republic of Ireland rather than on purchasing an asset in Northern Ireland? At a time when we need investment in our economy, would it not have been better to spend that money here? Can the Minister confirm - this is important - that the only obligations the ESB is taking on from its purchase of NIE is the €175 million Eurobond? According to NIE's accounts, it is carrying a debt of almost €1 billion, a debt almost equal to its value making its real value approximately €100 million, yet ESB is paying €1 billion for it? Perhaps the Minister will confirm - this is important for the future - that the only debt the ESB is taking on is the €175 million Eurobond?

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