Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

Amendment No. 1 provides that the Minister for Finance may guarantee the borrowings made by Irish Water or Bord Gáis Éireann for the purposes of this Bill. It will not mean that all the company's borrowings will automatically be guaranteed. The guarantee would only be applied on a case-by-case basis after the Minister has consulted with the Minister for the Environment, Community and Local Government. The provision for guarantee of the borrowings of a semi-State company is a standard provision included in the legislation which established other State bodies. This section provides that the Minister for Finance may after consultation with the Minister for the Environment, Community and Local Government provide a guarantee of the borrowings of Bord Gáis Éireann and-or Irish Water for borrowings made for the purposes of this Bill. It also provides for the Minister for Finance to seek a security from the board of subsidiary for borrowings and for the Minister to provide details to the Houses of the Oireachtas each year concerning any guarantees made under this section.