Paul Bradford (Fine Gael)

I move amendment No. 1:

In page 3, before section 2, to insert the following new section:

"2.-Section 24(2) of the Forestry Act 1988 is amended:

(a ) by the insertion of the words "but shall not exceed €100,000,000, without receiving the express approval of Dáil Éireann" after "the consent of the Minister for Finance", and

(b ) by the insertion of a new paragraph in subsection (2) as follows:

"(a ) Monies borrowed temporarily at any point in the accounting year under this subsection shall be noted in the annual report of the company for that accounting year.".

The purpose of this amendment is to ensure the new borrowing powers being given to Coillte will be used in a careful and cautious fashion and, in particular, that the temporary borrowings which we accept are necessary can be used in a productive and innovative fashion, will be used sparingly and that the Oireachtas, acting on behalf of the taxpayer, will have a significant influence over those temporary borrowings.

The Bill proposes an increase in the borrowing power of Coillte to the new limit of €400 million. We accept that in this new commercial era, 21 years after Coillte was initiated, it is appropriate that new limits and new figures be put in place. The Minister of State's new limit is balanced and fair. The Fine Gael amendment seeks to ensure that an appropriate level of care and caution will be applied in respect of the borrowings and the suggestion of €100 million, that is, 25% of the maximum borrowing limit is not appropriate from the point of view of the taxpayer and from the point of view of public accountability.