Dermot Ahern (Louth, Fianna Fail)

The amendment reflects the fact that the new agency will have a commercial mandate and that most commercial State bodies have borrowing powers. The provision allows the agency to borrow a maximum of €10 million and requires that any such borrowings be subject to the prior approval of the Minister for Communications, Marine and Natural Resources and the Minister for Finance. The provision was not included in the Bill at the time of publication as discussions on the conditions and text of the provisions had yet to be finalised by the Minister for Finance. These discussions have now been concluded and the provision has been approved by the Minister for Finance.

While the refurbishment of the property and the hub will be undertaken by PPP, it may be more appropriate for the agency to undertake purchase of refurbishment of property in certain circumstances. This is why the borrowing provision allows the agency to borrow up to €10 million.

Amendment agreed to.

SECTION 30.