Update: Public Capital Works, 3rd July 2015

 
REPLY.

As the Deputy will be aware, my Department has undertaken a review of the public capital programme. The review sought to assess all areas of public capital investment and to refresh the existing investment strategy and multi-annual envelopes to ensure that critical infrastructure deficits are identified and addressed. We also need to ensure that our economic development prospects are enhanced by focussing our limited resources on the areas that can best support continued, sustainable and equitable growth.

Informed by the review, new three year capital expenditure ceilings were published on Budget Day. These ceilings included significant levels of investment to support Social Housing, Transport, Education, Health and the Enterprise Sector. The results of the capital review will be set out in the Medium Term Capital Investment Framework Report that will be published shortly and will outline the capital envelope for the period to 2020.

The capital envelope in the Report will seek to prioritise addressing infrastructure deficits and capacity constraints that could hamper economic growth and will provide further details in relation to certain programme spending identified as key to supporting and underpinning economic recovery and providing social infrastructure. 

As regards Government development bonds, the Deputy will be aware that the National Treasury Management Agency (NTMA) issues Irish Government bonds which attract investment from institutions and individuals.  Monies raised through Government borrowing are paid into the Central Fund and used to fund Government spending as approved by the Oireachtas. It has not traditionally been the custom to seek to link Exchequer borrowing to specific projects, as this limits the flexibility of the Government in managing the State’s finances.