Seanad debates
Wednesday, 28 June 2006
National Sports Campus Development Authority Bill 2006: Committee Stage.
8:00 pm
Brendan Ryan (Labour)
This section intrigues me. I believe it was copied from another Bill. The section reads:
The Authority or a subsidiary may borrow money (including money in a currency other than the currency of the State) for the purpose of performing any of the functions of the Authority, but shall not do so without the approval of the Minister given with the consent of the Minister for Finance.
We are part of the largest economic bloc in the world. A vast amount of money is available to borrow in the currency of the State, the euro. There is no currency risk. Why would such an authority take currency risks? It was different when the punt was the currency and borrowing could be restricted.
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