Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy very much for her question and wish the Leas-Cheann Comhairle a good evening. The Government has committed to €165 billion in capital investment through the national development plan, NDP, published last October. Our annual capital investment budget as a percentage of national income is now among the largest in the EU. In 2022, almost €12 billion is available to spend on vital infrastructure in areas such as housing, transport, education, enterprise, sport and climate action. There are at least 50 proposals in the Exchequer-funded element of the NDP that would be considered major public capital projects, that is, Exchequer-funded projects with an estimated cost in excess of €100 million.

It is vital that value for money is achieved in implementing this ambitious public capital investment programme. The revised NDP pledges to restructure the oversight and implementation of capital projects to strengthen scrutiny of major public investment proposals and drive improved project performance and value for money. The first step in ensuring value for money was taken in the NDP itself. The programmes included in the plan have been subject to high-level prioritisation and assessment of compatibility with critical Government priorities such as housing, climate action and balanced regional prosperity. In addition, the work my Department is engaged in through the construction sector group will help develop the capacity of the industry and improve value for money in contracting.

My Department is responsible for the public spending code, PSC, that sets the value for money requirements and guidance for evaluating, planning and managing Exchequer-funded capital projects. Management and delivery of investment projects and public services within allocation and the national frameworks is a key responsibility of every Department and Minister.

The Deputy will be familiar with some key reforms that I have introduced to the oversight of major capital projects, for example, the new external assurance process, which is now up and running, and the new major projects advisory group, which I am pleased to report is also up and running and contributing to the assessment of projects.

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