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European Investment Bank Loans

Dáil Éireann Debate, Tuesday - 26 June 2018

Tuesday, 26 June 2018

Questions (125)

Catherine Martin

Question:

125. Deputy Catherine Martin asked the Minister for Finance the number of loans drawn down from the European Investment Bank; the date of commencement; the repayment schedule; the interest rate and purposes of each loan in tabular form; and his plans to allocate additional funding for the provision of social housing from the EIB. [27963/18]

View answer

Written answers (Question to Finance)

In relation to the current extent of State borrowing from the European Investment Bank (EIB), I am advised by the National Treasury Management Agency (NTMA) that the EIB has lent or contracted to lend directly to Ireland, acting through the NTMA, the amounts shown as follows:  

State Borrowing

Loan Facility

Purpose of Loan

Loan Amount

Drawn Amount (as of 21/06/2018)

Date of Capital Repayment

Signature Date

Irish Schools Programme

To construct, expand and refurbish public school buildings.

100,000,000

100,000,000

13-Aug-25

06   July 2012

Irish Water Investment Programme

To provide new water mains, water and wastewater treatment facilities and   reservoirs, as well as measures to improve water conservation.

100,000,000

100,000,000

21-May-27

29   Oct 2014

Irish Schools Programme II

To construct, expand and refurbish public school buildings.

100,000,000

100,000,000

24-Nov-27

19   June 2013

Dublin LUAS Cross City

Construction of a tramway system in Dublin.

150,000,000

150,000,000

04 Jul 29

3   Mar 2014

Irish Water Investment Programme - B

To provide new water mains, water and wastewater treatment facilities and reservoirs, as well as measures to improve water conservation.

100,000,000

100,000,000

25-Sep-28

29   Oct 2014

Irish Flood Prevention Programme

To finance the on-going flood protection and prevention programme in Ireland for the period 2015-2020.

200,000,000

200,000,000

30-Jun-31

17-Dec- 2015

Irish Schools Programme III

To construct, expand and refurbish public school buildings.

200,000,000

200,000,000

03-Nov-31

17   Oct 2016

National Children’s Hospital

Construction of the new children’s hospital in Dublin.

490,000,000

n/a

n/a

8 Dec 2017

Total

 

1,440,000,000

950,000,000

 

 

 

The weighted average interest rate for this funding is 1.535% based on the drawn amounts.  We have not provided individual interest rates for the loans as this information is commercially sensitive.

The Strategic Banking Corporation of Ireland

In addition the SBCI has also borrowed from the EIB. The following are the EIB’s outstanding loans to the Strategic Banking Corporation of Ireland as indicated in the table:

SBCI Borrowing

Loan Facility

Purpose of Loan

Loan Amount

Drawn Amount (as of 22/06/2018)

Date of repayment

Signature Date

Strategic Banking Corporation of Ireland

To improve access to finance for Irish SMEs.

200,000,000

200,000,000

19   Dec 2024

28   Oct 2014

Strategic Banking Corporation of Ireland

To improve access to finance for Irish SMEs.

200,000,000

200,000,000

15   Dec 2025

22   Oct 2015

Total

 

400,000,000

400,000,000

 

 

The average interest rate applied is 0.147% and the amount of interest paid to date on this is €446,608. (please note that this interest rate applies in entirety to facility 1. No interest rate has been charged on facility 2, due to negative euribor over the period, which is of a greater percentage than the margin charged on the facility; therefore the interest rate charged is nil - the facility agreement has a clause that floors the interest rate at 0% - which means that where euribor interest rates are negative to a greater size than the margin on the facility no interest rate is charged.)

The Housing Finance Agency

The Housing Finance Agency has, in addition, the 2 following loans:

Loan Facility

Purpose of Loan

Loan Amount

Drawn Amount (as of 22/06/2018)

Signature Date

Date of repayment

HFA – Irish Social Housing

To construct and   upgrade social housing and improve energy efficiency.

200,000,000

0

26 Dec 2016

n/a

HFA – Irish Social Housing

Funding was made   available to approved housing bodies for the upgrade and delivery of social   housing.

150,000,000

130,000,000

18 Dec 2014

26 Jan 2043

Total

 

350,000,000

130,000,000

 

 

The duration of these HFA loans is 25 years. The weighted average rate is 1.141%.

Local Authorities

The following are two local authority loans:

Loan Facility

Purpose of Loan

Loan Amount

Drawn Amount (as of 22/06/2018)

Local Authority Framework Loan

To renovate and upgrade Local Authority buildings under urban regeneration   strategies.

100,000,000

100,000,000

Local Authority Framework Loan

For investment in water supply and treatment and possibly solid waste; the   protection and improvement of the urban environment, including the renovation and upgrading of buildings of community interest, within the context of overall urban renewal strategies; and the development of tourism infrastructure.

90,000,000

90,000,000

Total

 

190,000,000

190,000,000

** I am also advised by the Department of Housing, Planning and Local Government that Limerick City and County Council and Fingal County Council have entered into financing agreements with the EIB. However, as of 21 June 2018, no funds have been drawn down in respect of these agreements.

To assist the Deputy I have attached a link (below) to the EIB website which lists EIB loans to Ireland over a number of years:

http://www.eib.org/projects/loan/list/index.htm?from=1959&region=1&sector=&to=2018&country=IE.

In relation to the question on additional EIB loans for the provision of social housing, the Deputy may wish to refer the question to my colleague Minister Eoghan Murphy TD who has responsibility for Housing, Planning and Local Government.

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