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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: It is a 50% limit.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: That is if it is pure State funding.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: It would be a half hour. One would be able to get from Cork to Limerick in an hour. At present, it could take an hour and a half or two hours. Mr. Murphy will know that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: The bank would underwrite an element of the project.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: It could be financed off-balance sheet.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: The witness is saying the capacity may be there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: At this time, have preliminary exchanges of views taken place between the Irish Government and the European Investment Bank on the M20?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: There are two further issues. If an exchange of views takes place and if it is worth exploring the various options for the M20 Cork to Limerick motorway, for example, what would be the timeframe for appraisal and assessment at the EIB level? At what stage would the EIB indicate its support of this project?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: It is pre-planning.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: The witness spoke about discount rates but does the EIB use a specific discount rate? What metrics are used to assess future cash flows in terms of discounting rates?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: In appraising a project and cash flows, what is the longest period for repaid costs? Would it be 20 or 30 years? There is a window now. The mid-term capital review is under way and public consultation has been in train since 30 September. The Government has stated it is looking to appraise this project over a number of months. We expect something in the early autumn. I cannot overstate...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: There is engagement with the EIB on a range of matters.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: I very much appreciate how open the witness has been about how the bank will assess projects. I will communicate with the Government and I hope we get to the point where we can finance the project in a number of ways, with the EIB as a serious partner. Over how many years would it be financed? Does the bank think this must be self-financing over a period? Could Mr. McDowell expand on that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Improving Investment Opportunities in the Wider Economy: Discussion (4 May 2017)

Kieran O'Donnell: A roadway that is 80 km in length.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: I will not delay Mr. Dalton. I have two quick points. What does the CSO want? What is it looking for today? Is the CSO looking for changes? Let us get to the heart of the matter: the draft regulation. What does the CSO want? Does the CSO not want it to apply to Ireland? Does the CSO want a change in the regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: This would have been in the run-up to the drafting of the regulations. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: Was that on the basis of a draft regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: Prior to that the CSO would have had an input and an overall view. Is that the case? This was being discussed prior to the drafting of the regulation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: Which countries are driving this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Scrutiny of EU Legislative Proposals (4 May 2017)

Kieran O'Donnell: What about Spain?

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