Jack Chambers (Dublin West, Fianna Fail)

The review of the national development plan published in July represents the largest capital investment and injection in our economy in the history of the State. As part of the NDP review, the Government agreed substantive annual sectoral allocations for 2026 to 2030 and overall Government capital ceilings to 2035. The review sets out total public capital investment of €275.4 billion to 2035. This comprises €202.4 billion in Exchequer voted capital from 2026 to 2035. Of this, €102.4 billion is being allocated for the next five years, which is an additional €24 billion on what was previously allocated. A further €10 billion in equity and fund releases is being provided for strategic megaprojects in water, energy and transport. This brings the total additional capital investment to €34 billion for the period to 2030.

My Department is responsible, as the Deputy mentioned, for the infrastructure guidelines, which replaced the public spending code for capital appraisal since the end of 2023.

These set 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 within the national frameworks is a key responsibility of every Department, Accounting Officer and Minister. Capital spend is monitored, valued and reviewed each month. Actual spend is compared to the budgeted voted allocation and any variances require an explanation to be submitted to the relevant Vote section in my Department.

Capital sanction is provided to Departments in line with the public financial procedures. Any proposed expenditure that does not fall within the scope of the capital sanction must be submitted to my Department for review and sanction must be sought before any expenditure can occur. Failure to seek and obtain the sanction of my Department may result in a line Department becoming liable to a report by the Comptroller and Auditor General and subject to examination by the Committee of Public Accounts.

It is also important to highlight, as also set out in the public financial procedures, the role of the Accounting Officer for each Department, which is central in terms of accountability, delivery, propriety and ensuring value for money. Each Accounting Officer is personally responsible for the safeguarding of public funds and property under his or her control, for the regularity of all the transactions in each appropriation account and for the efficiency and economy of administration in his or her Department.

I know I am running out of time, but I will set out further details.

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