Dáil Éireann Debate, Thursday - 19 November 2015
79. Deputy Bernard J. Durkan asked the Minister for Public Expenditure and Reform the extent to which he may be further in a position to assist in dealing with the housing crisis inherited from his predecessors by way of government bond, as a means of ensuring the availability of the required funding in the housing sector; and if he will make a statement on the matter. [41084/15]
View answerIt is important to note that any funding that might be available using the mechanisms referred to in the Deputy's question would not meet the criteria necessary to potentially qualify as 'off balance sheet' in General Government terms. As such it would not provide any additional funding capacity for further Exchequer expenditure without equivalent spending cuts or tax increases under the fiscal framework.
The scale and profile of the Exchequer component of the recently published Capital Plan was developed with reference to Ireland's fiscal targets over the coming years and within the parameters arising under both national and European fiscal rules, designed to ensure that growth in public expenditure reflects the underlying funding and output capacity of the economy.
However, as is normal in a programme of this duration, there will be a Mid-Term Review which will take stock of progress to date and provide the Government with an opportunity to reaffirm priority projects and also to consider the scope for increased levels of investment, should Ireland's economic growth and fiscal progress exceed the present forecasts and make this possible.
Questions Nos. 80 to 82, inclusive, answered with Question No. 77.
