Ivor Callely (Dublin North Central, Fianna Fail)

This amendment is necessary to accommodate CIE to increase the level of guaranteed borrowing power from a restricted £317 million which has been in place for over 20 years to €600 million. This increased borrowing limit will facilitate the speedier progression and management of projects by ensuring there would be an adequate cashflow facility available to the CIE group of companies, particularly in light of the fact that the current borrowing limit has been in place for 20 years. We are all enthusiastic in this House about the fundamental role CIE will play in the new ten-year transport framework that we have rolled out under Transport 21.