Brendan Howlin (Wexford, Labour) | Oireachtas source

The Deputy's questions on the European Investment Bank are more appropriate to my colleague, the Minister for Finance. However, I will answer them in so far as I can. I do not know the interest rates that apply. I have met the president of the EIB, Mr. Hoyer, on two occasions, first when he was newly appointed and the second time when he was in Ireland. The entire board of the bank met here, the first occasion on which it had met outside Luxembourg. Last year the bank allocated some €600 million to us and we are expecting an even larger allocation this year. We are also dealing with the Council of Europe Development Bank. The domestic banks involved in the programme are Bank of Ireland and Allied Irish Banks. In regard to SMEs, the EIB has pledged €500 million to each of the two pillar banks to be lent onwards to SMEs. While this is primarily a matter for the Minister for Finance, it is important that we ensure, given that the EIB does not operate high street banks, that the money is channelled through the pillar banks to the people who need it. In regard to the €850 million allocation from the sale of State assets, we are confident that, together with the sale of the national lottery licence, we will also receive the proceeds of the sale of ESB power stations and the Bord Gáis Energy generating capacity in the last quarter of the year.

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