Eamon Ryan
Ceist:150 Mr. Eamon Ryan asked the Minister for Finance his views on the progress which has been achieved with the establishment of the National Development Finance Agency. [5397/03]
Written Answers - National Development Finance Agency.
The National Development Finance Agency, NDFA, legislation passed all Stages in the Houses of the Oireachtas in December last and I made an order establishing the new agency with effect from 1 January 2003. The legislation provides, inter alia, that the agency will present an annual report and accounts to me and to the House.
I appointed the board members on 7 January 2003. A chief executive officer has also been appointed and the recruitment of a number of financial specialists is currently under way.
All Departments are now required to seek advice from the agency in relation to the financing of all priority infrastructure projects.
The NDFA will play an important role in advising State authorities on maximising value for money for the Exchequer by identifying the best financial packages and the application of commercial standards in terms of evaluating financial risks and costs for each project. It will provide a centralised expert service to all State authorities which will replace the existing system of separately recruited consultancy services.