Michael McGrath (Cork South Central, Fianna Fail)
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179. To ask the Minister for Finance the current status of the review by the European Investment Bank of its lending criteria; and if he will make a statement on the matter. [8900/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the European Investment Bank (EIB) that there is no review of the Bank s lending criteria currently taking place. However, the EIB did conduct a review of its energy lending policy in 2013. Details of this review are available at the following link: . In general terms, the EIB provides loans of up to 50% of the total cost of a project for projects of sufficient size (normally a total cost of €100 million). Following the EIB capital increase in 2012 the Bank is targeting four priority sectors which are innovation and skills, SMEs, clean energy and modern infrastructure. EIB loans to SMEs are channelled through financial intermediaries.

Michael McGrath (Cork South Central, Fianna Fail)
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180. To ask the Minister for Finance if the European Investment Bank is permitted to lend directly to local authorities for project initiatives that meet its lending criteria; and if he will make a statement on the matter. [8901/14]

Michael Noonan (Limerick City, Fine Gael)
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Article 19 of the Statute of the European Investment Bank (EIB) provides that Any undertaking or public or private entity may apply directly to the Bank for financing. Therefore, the Local Authorities ability to borrow directly from the EIB depends on the their borrowing powers, and the regulatory framework in place which allows them to do so. The Local Government Act 2001 provides for the Minister for the Environment or other relevant Minister to sanction the borrowing of money by local authorities. The legislation does not provide a role for the Minister in the selection of a lending institution.