Sean Barrett (Independent)

I move amendment No. 18:

In page 36, lines 29 to 32, to delete subsection (1) and substitute the following:

"35.—(1) The Board may, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform and subject to the conditions, if any, which are imposed by the Ministers, or in accordance with the directions, if any, given by the Ministers, borrow money for capital purposes.".

My amendment introduces a role for the the Minister for Public Expenditure and Reform, as was done on several occasions by the Minister of State, Deputy Shortall. We are ad idem as far as that is concerned.

As to the amendment's other content, we were worried about allowing a body to borrow for current purposes, in particular given the current state of finances. We deleted that reference and the amendment seeks that a body should balance its books and not run up a current budget deficit. If a body borrows for capital purposes that should be subject to the conditions imposed by the two Ministers who are now involved in national finances. We had in mind there should be proper appraisals and a proper cost benefit analysis, a matter we discussed in the House yesterday with the Minister, Deputy Howlin. The purpose of the amendment is to protect the public finances, certainly those for current expenditure. An organisation should stay within budget and not borrow for current purposes. Capital projects should enjoy the support of and meet the criteria set by the Ministers for Finance and Public Expenditure and Reform.