Vol. 414 No. 4
24 Mr. Deasy asked the Minister for the Marine if the State will guarantee the bank loans, amounting to approximately £9.6 million, required to supplement the Structural Funds allocation of £7.5 million, which has been approved for the construction of a new container terminal at Belview, Waterford, by the Harbour Commissioners.
I should advise the Deputy that the established policy is that each harbour authority, including Waterford, should be operated as a commercial undertaking and should be financially self-supporting. Harbour authorities should conduct their affairs so as to ensure that revenues are not less than sufficient to remunerate capital and repay borrowings. It is not the policy to State guarantee borrowings by harbour authorities.
Because of the importance of the location of Waterford for British and other EC trade, I am anxious to ensure that the Belview harbour development plan proceeds. The Waterford project is now being re-evaluated in the light of the request from Waterford Harbour Commissioners for a State guarantee. I expect that the re-evaluation will be completed shortly.
