Jim Walsh (Fianna Fail)

The borrowing is for all of this purpose and this is the reason I am trying to deal with it in the absence of any amendments so we can get as much information as possible from the Minister of State who was very forthcoming on Second Stage.

I welcome the provision in the Bill that the investment made by Bord Gáis will be subject to prior approval of the Minister and the Department. This is an important consideration when borrowings are being increased. On a previous occasion I noted that while interest rates are currently low, there is a risk that when we eventually emerge from this deep recession we could end up with hyper-inflation, as is predicted by some economists. One of the ways of controlling hyper-inflation will be to increase interest rates. The prudential way in which companies approach their borrowing and the currency in which they borrow and the manner in which they are able to anticipate significant interest increases which may happen in the medium term, is an important issue also.