Vol. 570 No. 2
323 Mr. Coveney asked the Minister for Education and Science his plans to proceed with the public private partnership project to build a new school of music in Cork; if so, when the project will be sanctioned; and if the project is delayed, the detailed reason for the continued delay. [18814/03]
As I explained to the Deputy previously, under EU rules, where projects are financed on a deferred payment basis by the private sector, such as the Cork School of Music public private partnership project, the capital value of such projects is a charge on the general Government balance, GGB, over the construction phase. The GGB is the critical measure of what can be accommodated within our obligations under the stability and growth pact of the Maastricht Treaty. A EUROSTAT group is currently reviewing the accounting rules on this issue, as is a standing committee established by my colleague, the Minister for Finance, to advise on the GGB implications of private sector financed projects.
The position remains that consideration of the Cork School of Music project will be based on a thorough assessment of affordability of the project in the context of the competing demands on the likely capital funding envelopes going forward and taking into account the issues surrounding the GGB.
