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€ 70m EIB Loan

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  • 08-12-2017 11:17am
    #1
    mickmmc
    Registered Users Posts: 202 ✭✭


    FCC signed an agreement with the EIB (European Investment Bank) to drawdown a €70m low interest loan over 5 years which will be repayable over 25 years (details on FCC website).

    It is hard to know what the loan will be spent on as the Capital Plan for 2018-2020 is not on the FCC website. However one condition is that the loan cannot be used to build Social Housing.

    The library/theatre and events centre in North Street, Swords could eat up half the loan amount; there has been estimates of € 20-30m floated with regard to the cost of library/theatre.

    Skerries should lobby for their swimming pool:D


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    #2
    neris
    Registered Users Posts: 20,054 ✭✭✭✭neris


    the guy from the EIB was on newstalk this morning talking about it. going to be used for social centres, road repairs and upgrades and the cycleway from donabate to howth. wonder is this the start of the local councils going towards an american model of running their towns off debt and local taxes rather then central govt


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    #3
    mickmmc
    Registered Users Posts: 202 ✭✭mickmmc


    That is one downside of the EIB Loan.

    If FCC goes to central government for funding in the future, the government could turn around and say "why can't FCC borrow the money from the EIB?"


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    #4
    neris
    Registered Users Posts: 20,054 ✭✭✭✭neris


    The other side and its quite common in america is that what if Fingal in years to come have borrowed millions upon millions and cant repay it? Do Fingal go bust? does govt step in? Do we start to see as well local taxes like property taxes, business rates going up along with the likes of parking cahrges, development levies etc just to pay debt thats been over borrowed


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