Dáil Éireann Debate, Tuesday - 25 February 2014
180. Deputy Michael McGrath asked the Minister for Finance if the European Investment Bank is permitted to lend directly to local authorities for project initiatives that meet its lending criteria; and if he will make a statement on the matter. [8901/14]
View answerArticle 19 of the Statute of the European Investment Bank (EIB) provides that Any undertaking or public or private entity may apply directly to the Bank for financing. Therefore, the Local Authorities ability to borrow directly from the EIB depends on the their borrowing powers, and the regulatory framework in place which allows them to do so. The Local Government Act 2001 provides for the Minister for the Environment or other relevant Minister to sanction the borrowing of money by local authorities. The legislation does not provide a role for the Minister in the selection of a lending institution.
