Vol. 577 No. 3
287 Mr. Stanton asked the Minister for Education and Science the situation with regard to the Cork School of Music; when he will be in a position to make a final decision on the issue; and if he will make a statement on the matter. [31095/03]
As I have indicated previously, under present EU rules, where projects are financed on a deferred payment basis by the private sector, such as the Cork School of Music PPP project, the capital value of such projects is a charge on the general Government balance 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 and a final report on the matter has not yet been issued.
Consideration of the project will also be based on an evaluation of the completed pilot post-primary PPP schools project, together with a thorough assessment of affordability of the project in the context of the competing demands on the capital funding envelopes going forward and taking into account the issues surrounding the general Government balance.
