Dáil Éireann Debate, Tuesday - 26 June 2018
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]
Amharc ar fhreagraIn 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®ion=1§or=&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.
