Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

I did not say anything about what I would not do. We are confusing two things. We are confusing the cost of the installation of the network with the economic viability test applied by the regulator. They are two separate things.

The negotiation with the troika has determined how the proceeds from the sale of Bord Gáis Energy will be used. When we first met the troika to discuss this issue, it wanted all of the proceeds to be used to write down debt. Gradually over a period of six months, we got a commitment that 50% of the proceeds would be used for productive reinvestment and 50% for commercial investment as a stop gap and, ultimately, to write down debt.

I am not ruling out any project that is considered productive or to offer a commercial return. The money will, I hope, be realised and used productively but I am not ruling anything in or out. I hope to see more projects around the country that can show a commercial return or are productive investments in terms of creating jobs. If a town like Carrick-on-Shannon is as close to surmounting its barriers as Deputy Naughten suggests, it has a good prospect of being successful in the future.

It is not a question of allocating the seed capital in order to install the physical network but of whether we accept the economic viability test. I have no objection to engaging with the regulator on the viability criteria. Significant employment in the area could change the entire pattern. I do not know the specific details in respect of Ballaghaderreen, in which a significant creamery operation is located, but I am more than happy to see what can be done.

The Deputies opposite know that neither I nor the Minister for Public Expenditure and Reform can earmark how we will spend the proceeds from a sale that has not yet been transacted. I have undertaken to account for that to this House.

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