Denis O'Donovan (Fianna Fail)

Unfortunately, despite my best efforts I was unable to attend the Second Stage debate. Most of my amendments are, however, rolled in together which is an advantage. I have the right, if I were so inclined, to insist on each of my amendments being taken separately. In that case, it would probably take us until the summer recess to complete Committee Stage. I am trying to be kind to the Minister of State.

It is important to remember the salient point the PricewaterhouseCoopers Report came up with and presented to us after several months. The reports says that the port's capacity to generate profits from operations in contexts formulated by the harbour commission, particularly profits before tax in the period under review is projected at €7 million.

It is also stated that net operating capacity over the ten-year period is approximately €8.8 million. The projections disclose the port's requirement for an up-front injection of capital to finance the port's proposed capital expenditure programme for the new pier project. This refers to a new pier, but the basic issue is that those using the existing pier this morning when there is a spring tide with low water — which includes people, ferries and mussel and fishing boats coming from Whiddy Island — had to decide to go out at 5 a.m. to avoid the low tide. In this day and age it is not sustainable and I see no guarantees or commitments or any light at the end of the tunnel.

The report also states that strong revenue growth in the pier is primarily driven by assumed growth in transshipments firms in Bantry terminal. Transshipment volumes are projected to increase, and have done so. The commissioners are confident these volumes will be realised in the context of existing national policy on such reserves and business development that occurred, and is likely to occur, with respect to the development of third party markets. The acquisition of the facility at Whiddy Island by Tosco Corporation, now owned by ConocoPhillips, and the related plans for the development of a facility on the peninsula, assumes growth in volumes.

The report further states that capital expenditure of €11.3 million is included in the projections for the ten-year period and is comprised of expenditure on a new pier and ancillary facilities, social development, development of the port's commercial viability and deep water facilities. These projects have been included in projections in 2007-2008 to address bay use commercial development requirements.

It also says that no commitments have been made in respect of this project, and therefore there is an element of flexibility available to support this project. The provision assumes that expenditure programmes will be financed by a new pier, social development, commercial development and so on.

I want to mention two financial projections.