Lucinda Creighton (Dublin South East, Fine Gael)

I have no wish to forget any question lest I am accused of trying to avoid providing an answer. The question on the growth strategy for Ireland is perfectly legitimate and the scoping process has begun. The initial pilot phase of project bonds is under way. Through the Cabinet sub-committee on European Affairs the Government has begun to examine potential areas for growth and how it can leverage the project bonds initiative. Project bonds are only a small part of the growth pact. The problem is that they only deal with transnational or major infrastructural projects involving numerous members states. These are of a large scale and for a small country such as Ireland not connected to mainland Europe, this has proved to be something of a difficulty and a challenge for us. On the other hand, the European Investment Bank has the significant bulk of the growth pact. It is the most practical and the body most likely to have teeth. It offers great potential for Ireland. Last week in advance of the European summit I was in Luxembourg for the General Affairs Council - we have discussed this matter at the Joint Committee on European Union Affairs - and I met Werner Hoyer, President of the EIB. I had the opportunity to discuss the objectives and wishes of the Government in terms of the types of projects here that could benefit from EIB investment. This fits in well with Mr. Hoyer's joint paper with the President of the European Commission, José Manuel Barroso, published last week. They produced a joint paper in advance of the summit which identified investment in youth training and tackling youth unemployment. This is something in which we are interested. It also focused on the green energy sector, with particular emphasis on the potential for wind energy projects. This is something in which we are also interested. It referred to strategic infrastructure, water services, broadband roll-out and so on. These are areas in which the Government has plans already and in which it believes we are a good fit with the EIB's objectives. Certainly, there is a meeting of minds.

Mr. Hoyer will travel to Dublin tomorrow and meet the Minister for Finance, Deputy Michael Noonan, and the Minister for Public Expenditure and Reform, Deputy Brendan Howlin, both of whom have been exploring the potential and examining the opportunities available. Mr. Hoyer will meet the Taoiseach on Friday morning. Meanwhile the Minister for Communications, Energy and Natural Resources, Deputy Pat Rabbitte, and the Minister for Transport, Tourism and Sport, Deputy Leo Varadkar, have been examining various opportunities and projects that might fit their respective portfolios. We have some work to do to hone and identify obvious schemes in conjunction and in dialogue with the EIB, but there appears to be considerable potential. It is estimated that the capital injection into the EIB will leverage up to €180 billion worth of investment throughout the European Union. From discussing the matter with Werner Hoyer, I understand that is a conservative estimate and that potentially the figure could be closer to €220 or €230 billion. The bank is erring on the side of caution, but there is considerable potential. By and large, these are public private partnerships and it is a question of finding the right fit.

As I stated at the Joint Committee on European Union Affairs, there are several State entities and semi-State bodies which, independent of the Government, have been engaged in drawing down funding successfully through the EIB. One of the best examples is Bord Gáis Éireann, but there are many others. We are already benefitting from EIB funding, but the scope and potential are clear under the growth pact. We will exhaust every possible avenue in this regard.

Deputy Seán Ó Feargháil asked about the arrival of President Hollande and Mr. Monti. Mr. Monti has been in place for some time, but his presence at the table is welcome. He has a superb reputation as a former Commissioner. He authored the Single Market report and the agenda now being implemented. It is the reference point for the European Council, the Commission and most member states. His credibility has been demonstrated and built over many years and he is an important figure.

It is important to have large member states which can take positions. We were all somewhat concerned about the pre-summit meetings between France and Germany in recent years and everyone in the Chamber has acknowledged as much. It is understandable the larger countries meet in advance of summits, but now that there is a broader spectrum of countries, which is welcome, the fact that Mariano Rajoy and Mario Monti are involved, as well as the old axis of France and Germany, is important. We share a similar position to these countries, in particular. The Taoiseach has had a good working relationship with Mariano Rajoy for many years through the presidency of the European People's Party. He has also developed a good relationship with Mario Monti, among others. It is important that we have good dialogue and that we liaise-----

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