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Dáil Éireann debate -
Tuesday, 30 Sep 2003

Vol. 571 No. 1

Written Answers. - National Development Finance Agency.

Olivia Mitchell

Question:

175 Ms O. Mitchell asked the Minister for Finance if he is satisfied with the operation of the National Development Finance Agency. [20906/03]

The answer is "Yes". The National Development Finance Agency, NDFA, was established at the beginning of this year. Its role is to ensure that Departments, State authorities and agencies use the optimal form of financing in delivering public infrastructure projects. Key personnel have been recruited and they immediately commenced work on a thorough review of infrastructure projects. My Department issued guidelines to NDFA in March relating to investment priorities, currency composition, risk management, counterparty risk, guarantees and the use of financial consultants.

State authorities are now obliged to seek the advice of NDFA for individual projects and grouped projects costing in excess of €20 million. However, State authorities may seek advice on all projects. In order to ensure that the focus is on the priority infrastructure projects, five-year investment envelopes for Exchequer and PPP-NDFA funding are being put in place as part of this year's Estimates process now under way. All State authorities will verify to NDFA that any funding it is proposed to raise is consistent with their approved envelope.

Already the NDFA is making a crucial contribution to the financial evaluation and assessment of new projects being brought forward and I am satisfied that major benefits will follow in relation to better value for money and accelerated delivery of projects.

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