Dáil Éireann Debate, Tuesday - 12 June 2012
293 Deputy Thomas P. Broughan asked the Minister for Public Expenditure and Reform if he will report on the projects currently being considered for potential inclusion in any upcoming stimulus package; if any major public transport projects will be included; and if he will make a statement on the matter. [26284/12]
Amharc ar fhreagraSince coming into office, the current Government has been working on a range of measures to boost employment and help stimulate economic growth beginning with the Jobs Initiative which was launched in May 2011. Further work to stimulate economic growth and create employment is ongoing across Departments.
My Department undertook a review of the public capital programme last year, the results of which were published in the "Infrastructure and Capital Investment 2012-2016: Medium Term Exchequer Framework". The Framework sets out €17 billion worth of Exchequer investment intended to address critical infrastructure investment gaps in order to aid economic recovery, social cohesion and environmental sustainability. The sectors prioritised for investment in the Framework include education, health, jobs and enterprise. While this represents a significant level of spend that will generate activity throughout the country, I am conscious that there is more that we could do if we had additional funding available.
The Government is now considering carefully what potential further projects could be supported should a source of additional funding become available. It is likely that such investment would be focused on areas that meet the Government's key investment priorities, boost employment and help stimulate economic growth. My Department has established a high level interdepartmental steering committee which is considering potential projects for investment that meet these criteria. Proposals from Departments are under consideration and I am confident that a pipeline of necessary and worthwhile projects will emerge over the course of the coming weeks. My Department is working closely with the Department of Finance and the NDFA to ensure that additional funding sources are available in order to deliver any proposed pipeline of projects.
In relation to public transport, the five year capital Framework prioritised funding to ensure maintenance of existing investment and to advance a small number of important projects which can add value to the existing network such as the Luas BXD. Larger public transport projects such as Metro North and Dart Underground were deferred for consideration in advance of the next capital programme which will be drawn up in 2015 and will cover the period from 2016 onwards. Given the multi-billion scale of private finance required to advance these major infrastructural projects it is unlikely that private investors would be willing to commit the level of funding necessary to progress them for some time. Both projects also require substantial Exchequer funding that would have to be diverted from other more critical areas and this would not be justifiable at this time. Any additional funding which may become available will be focused on those smaller scale projects which are deliverable in our current circumstances and which provide value for money for the State.
