Patrick O'Donovan (Limerick, Fine Gael)
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22. To ask the Minister for Finance in view of the fact that the European Investment Bank has agreed to provide funding towards the library extension at the University of Limerick; if he will indicate if and when he will be in a position to allocate the moneys towards this loan facility, so work may begin at the university; and if he will make a statement on the matter. [39387/14]

Michael Noonan (Limerick City, Fine Gael)
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The EIB is the long-term financing institution of the European Union. Its mission is to help implement the EU's policy objectives by financing sound business projects. To finance these projects, the Bank borrows on the capital markets, passing on the benefit of its low borrowing cost to Member States due to its high credit rating.

I am aware that the EIB and the University of Limerick formally signed a loan agreement for €100 million in December 2013 in respect of the University's Capital Investment programme. This loan facility was a private agreement between the University and the Bank. Details such as timelines and amounts to be drawn down by the University under the Agreement are for negotiation and agreement by the parties to the Agreement themselves. Other than in the course of my Department's regular engagement with the EIB, this loan has had no direct State involvement. This is the case with other similar loans.

Separately, the Deputy will be aware that in relation to capital investment projects, the Department of Public Expenditure and Reform has a role in terms of setting the overall capital investment framework and the basic principles to be observed for the appraisal, assessment, procurement and evaluation of projects. Individual Ministers are responsible for projects and programmes in their areas, within that overall framework.  Decisions on the funding arrangements for those projects are also the responsibility of individual Departments.  However, I understand that in terms of the Department of Education and Skills Budget allocation, an additional €10 million in capital has been allocated in 2015 to the University of Limerick for a library project. This is separate and distinct to the loan agreement between the University and the EIB.