At a national level, the Central Statistics Office is responsible under EU regulation for ensuring that all units within the economy are classified according to the rules set out under the European System of Accounts 2010 (ESA 2010). Eurostat is the ultimate arbiter on classification decisions under ESA 2010. Classifications are determined on a case by case basis and a great deal of information is required for the consideration of each case.
However, at a general level, I can inform the Deputy that Special Purpose Vehicles (SPVs) set up by government are covered in ESA 2010. The framework specifies that “…such units, if they are resident, shall be treated as an integral part of the general government and not as separate units". Notwithstanding this, ESA 2010 does envisage circumstances under which a SPV can be recorded as a separate unit outside general government. The key requirement is that the SPV does not act on behalf of government. This means that it can to a great extent decide e.g. on the type and maturity of instruments to be issued, the management of the debt and/or the assets to be acquired. Management of the assets, including disposal, would also have to be left to the SPV's discretion.
Finally, in order to classify such expenditure as capital or current, further information would be required on the specific nature of the transaction.