Seanad debates

Tuesday, 30 April 2013

National Lottery Bill 2012: Committee Stage

 

7:35 pm

Photo of Mary Ann O'BrienMary Ann O'Brien (Independent) | Oireachtas source

I apologise for pressing the Minister a little further on his explanations, which I welcome and thank the Minister for. Hypothetically, if we thought we would achieve €450 million as an upfront payment, what if we were to go to the markets or world banks for a loan instead of an upfront payment, with the Irish lottery to stay within the State as collateral? We know, and have commended, how well the lottery is being run, how well it has withstood the recession, its turnover and its profitability. I am sure the Minister has considered getting that loan at a good interest rate, allowing us to keep the lottery, rather than the upfront payment. The lottery is better than any collateral one can think of for the markets. What would have been the equation? I am sure the Minister feels saddened and I know he has had the best expertise in the world to leave it outside of our nation.

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