Vol. 577 No. 4
44 Mr. M. Higgins asked the Minister for Communications, Marine and Natural Resources the reason he has sought a report from ESB over a loan being raised by the company in the United States; his views on whether ESB should be able to seek finance at the best possible rates; and if he will make a statement on the matter. [31253/03]
ESB is required under the Electricity (Supply) Act 1927, as amended, to obtain both my consent and that of the Minister for Finance in instances such as the recent US private placement transaction. ESB applied for such approval in the normal way. However, before my formal approval was conveyed to ESB, the company proceeded with the transaction. Having met the ESB chairman to discuss the matter, I am satisfied that this resulted from a genuine misunderstanding in ESB.
Following full consideration of all aspects of the proposed deal, both I and the Minister for Finance have now conveyed our consent to ESB to proceed with the transaction. It has always been a matter for the company to seek out the best possible rates when raising finance and no change in this position is envisaged going forward.
