Bernard Durkan (Kildare North, Fine Gael)
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98. To ask the Minister for Public Expenditure and Reform further to Parliamentary Question No. 6 of 6 November 2014, the extent to which the capital review referred to therein has been completed; when it is likely to be published; if he remains satisfied that the use of specific Government bonds to fund particular capital projects is not best practice in view of the fact that such bonds could also attract investment from savings and pension funds; if due consideration has been given to the merits of the use of specifically targeted bonds to fund vital infrastructural deficits; if he is satisfied that the non-traditional approaches have particular cost, efficiency or other advantages over the use of bonds; the extent to which any such comparisons have been made and evaluated and the need to capitalise on the potential availability of savings while low interest rates prevail; and if he will make a statement on the matter. [47837/14]

Brendan Howlin (Wexford, Labour)
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The Capital Review, which was conducted in parallel with the Comprehensive Review of Expenditure, is now drawing to a conclusion and the report on the review will be published in the coming weeks.

The National Treasury Management Agency (NTMA) issues Irish Government bonds which attract investment from institutions, including pension funds, and from individuals. A number of other financial investment options are also available to individuals who wish to direct their savings to help support the Government's work in promoting economic growth, including the National Solidarity Bond, Savings Bonds, Savings Certificates and Instalment Savings.

All monies raised through Government borrowing are paid into the Central Fund and used to fund Government spending as approved by the Oireachtas. It has never been the custom to link borrowing to specific projects as to do so would limit the flexibility of the Government in managing the State's finances.

That said, the PPP programme allows for private sector investment and risk sharing in the provision of specific public infrastructure projects. Because of their funding and risk profile, these PPP projects are not included in the calculations of General Government spending, and therefore, this approach as allowed the Government to supplement its traditional Exchequer capital programme (which is funded by the revenues and borrowing in the Central Fund) and which is necesarily limited by the constraints on our expenditure levels, consistent with our fiscal commitments.

The Deputy is asking about the potential usefulness of introducing a wider means of channeling private funding to support specific State infrastructure projects. The Department of Finance and the NTMA - which lead on identifying and harnessing funding sources for the State - have considered possible approaches to increasing funding sources. One of the Government's recent initiatives in this regard has been the introduction of the Irish Strategic Investment Fund which will harness both public and private sector sources of funding to provide commercial investment, including in public infrastructure projects.