Michael D Higgins (Galway West, Labour)
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Question 167: To ask the Minister for Finance the position regarding discussions with an association (details supplied) and other stakeholders in respect of proposals to secure funds for labour intensive construction or infrastructure projects; and if he will make a statement on the matter. [18981/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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My officials have actively engaged with representatives of the pensions industry and other interested parties to discuss alternative funding proposals. These discussions have focused on both the possible sources of additional funding and on what steps would be required to access such funding. A number of meetings have taken place, and further meetings will be arranged as appropriate.

I would note that we are already spending a considerable sum on Capital this year – 5% of GNP – one of the highest ratios in the world. This supports a substantial level of employment while the reductions in tender prices mean that we can do more with less. Nonetheless, the Government is prepared to look at new ways to fund needed capital investment and support activity and employment in the construction sector provided

· the terms are right and in the taxpayers favour;

· the investment makes economic sense;

· value for money is secured; and

· the private sector shares the appropriate level of risk so as not to have a disproportionate impact on the public finances.