Brendan Howlin (Wexford, Labour) | Oireachtas source

As the Deputy is aware, the National Treasury Management Agency, NTMA, issues Irish Government bonds which attract investment from institutions and individuals.  Other financial investment options are also available to those who wish to direct their savings to help to support the Government's work in promoting economic growth, including the national solidarity bond, savings bonds, savings certificates and instalment savings. All moneys raised through Government borrowings are paid into the Central Fund and used to fund Government spending as approved by the Oireachtas. It has never been the custom to link borrowing with specific projects as to do so would limit the flexibility of the Government in managing the State's finances. That said, the public private partnership, PPP, programme allows for private sector investment and risk sharing in the provision of specific public infrastructure projects. Because of their funding and risk profile, the up-front costs of these projects are not included in the calculations of general Government spending and thus this approach has allowed the Government to supplement its traditional Exchequer capital programme.

The Department of Finance and the NTMA which lead in financing the State have considered other possible approaches to increasing funding sources.  One of the Government's recent initiatives in this regard has been the establishment of the Irish Strategic Investment Fund which will harness public and private sector sources of funding to provide commercial investment, including in public infrastructure projects.

As the Deputy will be aware, my Department undertook a review of the public capital programme last year. The review sought to assess all areas of public capital investment and refresh the existing investment strategy and multi-annual envelopes to ensure critical infrastructure deficits were identified and addressed.  We need also to ensure our limited resources are focused on the areas that can best support continued, sustainable and equitable growth.

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