Simon Hamilton
Strangford · Democratic Unionist Party · Northern Ireland
“I have emphasised to the Member and the House before, that, whilst I accept that those are not good enough — that is why we have been developing the plan — there are alternative technologies in place that can present opportunities for those who just cannot get acceptable speeds.”
“I thank the Member for his intervention. There are some initiatives that I believe will help and act as a driver to improve broadband access. One such intervention is the broadband universal service obligation (USO), which is being taken forward by Her Majesty's Government.”
“I thank the Member for his question. However, he is conflating two issues. I wrote to his party leader, and indeed to all Assembly party leaders, before making the announcement that I did last week about wanting to publish the details of the businesses in receipt of the non-domestic RHI scheme. It was my intention to do that tomorrow.”
“<BR /> <BR />The Chancellor, in his autumn statement, made some more funding available for telecommunications, and my Department is studying that and seeking to avail itself of that to the fullest possible extent.”
“In addition, my Department is managing a contract for the delivery of the superfast rollout programme, which, by 31 December, will provide access to superfast broadband with speeds of at least 24 megabits per second to a further 38,000 premises, both business and residential, across Northern Ireland, including in the Newry and Armagh cons…”
“I signalled the intention to do this a few weeks ago. The Member and the House will know that inspections of all installations would have taken place over the 20-year lifetime of the RHI scheme.”
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“I am being accused of pedantry by Mr Campbell, and he is probably right. <BR /> <BR />I know that the Desertcreat Community Safety College project has frustrated the Member, because we have spoken about it several times. Its non-movement has frustrated him, as it has frustrated other elected representatives and, indeed, the wider community in Mid Ulster. It is still allocated in the Department of Justice capital budget for next year, but he and I know that there is work required in terms of the size and scale of any project that might be taken forward on that site.”
“Lots of hypocritical positions have been taken on the Budget. By the way, Mr Deputy Speaker, I think that this document is teal rather than blue, but we will not argue over that. <BR /> <BR />I know that the community safety college is a project dear to the Member's heart.”
“Those Departments will still have to make savings by reducing their headcount. Therefore, a voluntary exit scheme that will realise some savings next year but make more savings in future years is absolutely essential for those Departments. <BR /> <BR />None of us knows what the future holds for the Budget, but the Office for Budget Responsibility projections are that times will get tougher and tighter. Therefore, even the Departments that may think that they are doing better now will still probably need to access a voluntary exit scheme this year to plan for future years. It is very much about looking to the future. We know that we have difficulties coming down the track that we need to concentrate on in continuing to reform and restructure our public sector.”
“We can continue to talk about the need to reform and restructure our public sector in lots of different ways, with the main aspect of that being a fairly large voluntary exit scheme that we now have the flexibility to fund to the tune of £200 million next year. The Executive have agreed to do that. When you look at the numbers, which are, more or less, in cash terms the same for next year as they were for this year, you might think that the pressure to do that has lifted. It has not, both in the short term and in the long term. <BR /> <BR />The Executive and the Assembly need to remain focused on reform and restructuring, because, next year, some Departments are doing better than others. Perhaps the pressure has eased for them somewhat, but some Departments, including my own, still face reductions of close to 10%.”
“<BR /> <BR />Like all projects, it depends very much on planning permission and other legalities, but it has been taken forward — I reiterate this point — at the behest of the Environment Minister and the Strategic Investment Board, which developed the input to it.”
“It was their assessment that it could be supported by financial transactions capital. In some senses, it is an indicative allocation, because, as the Member will know, no planning permission has been granted for the scheme yet. Therefore, there is a degree of risk in making the allocation that the project does not go forward for whatever reason. I made it clear to the Environment Minister at negotiations around the draft Budget that, irrespective of the allocation that he received and however that came, if there were a reason that the project could not proceed, I would not expect him to find a project on which to spend the money that has been allocated to his Department.”
“My position on Arc21 is simple: I am happy for councils in the east of Northern Ireland to come together to work on waste-management issues. That is quite easy to give an opinion on. On the particular allocation of FTC to Arc21, I can say that the project has not been taken forward by me or my Department. The Member will know that there is an allocation of roughly £160 million of FTC in the next financial year. Given our experience this year, where we struggled to spend a £60 million allocation — I am happy to admit that — we are looking for a lot of larger projects to soak up the cash next year. <BR /> <BR />The allocation comes on the back of work that was done between the Department of the Environment and the Strategic Investment Board to develop the project or to have input to it.”
“<BR /> <BR />The Member asks for more money, knowing the Budget that we have, when his party votes against that Budget and does not come forward with a single alternative that would help me or Executive colleagues to find more money or to reprioritise existing budgets. If I may say so, it is a part of Northern Ireland that has seen a lot of attention — I would not deny that it deserves that attention and requires continued attention — but there are other parts of Northern Ireland that have suffered in different ways down through the years and continue to have particular problems that would love a fraction of the attention that the Executive have given to the north-west of Northern Ireland.”
“That is a good thing. We as an Executive and a society now need to ensure as best we can that the benefits of economic growth are felt far and wide across Northern Ireland. <BR /> <BR />There has been an undoubted commitment by the Executive to Londonderry and the north-west, whether it is in relation to the City of Culture or in trying to attract investors. We cannot force investors to invest anywhere, but we have tried to encourage, as best we can, people to go to the north-west. That has been manifested in significant FDI projects and, indeed, the expansion of indigenous companies in that area. The first enterprise zone in Northern Ireland is located in the north-west as well. There are many things that the Executive have pursued to assist and support that area.”
“I am getting a sense of déjà vu. Our economy is improving across Northern Ireland as a whole, and unemployment is falling. I accept that, whilst the economy is doing better, there are areas that could do even better, and I accept that the north-west has a legacy of particular issues that we are still working through, that will prove difficult to resolve and that will require effort on the part of all of us, not just the Executive but the private sector and others. Resenting the fact that unemployment as a whole across Northern Ireland is falling is something that the Member and his party may wish to reflect on. Unemployment across Northern Ireland is falling; there are more people getting into work. The Member shakes his head. It is a verifiable fact, produced independently by NISRA, that unemployment in Northern Ireland is going down.”
“<BR /> <BR />There is also money allocated to the Culture Minister to allow her to proceed with outline business cases for the subregional stadia, so, while there is not the allocation there, which will disappoint many, the commitment is there to fulfil the other commitment that the Executive have made to take that project forward.”
“I made it clear in my statement and to the Executive last week that we understand the circumstances in which the regional stadia project — the Casement Park project in particular — cannot proceed at this time. It remains an Executive commitment to invest in Casement Park, just as we have invested in Windsor Park and Ravenhill. What I have committed to, the Executive have agreed and I have outlined again today is that, should it be required — if a successful planning application proceeds — I will favourably look upon and meet any in-year capital bids for Casement Park and, indeed, other stadia projects.”
“So, it is obviously worth the Member in her Committee capacity taking that forward with the Minister to discuss where he will be prioritising from within his own budget. <BR /> <BR />I think that we can see from the £63 million allocation and the decisions that the Education Minister himself has taken that the aggregated schools budget and, therefore, the schools' front line of education, which is the classroom, is being protected as best we can in very difficult circumstances.”
“I heard all parties call for more money, which is what we provided, but the three smaller parties on the Executive all proceeded to vote against it without putting forward a single alternative suggestion on how we might find more money or where we might take money from to get more to Education or to Health or whatever it might be. <BR /> <BR />This morning, I received correspondence from the Education Minister that confirms that an additional £80 million will be allocated to the aggregated schools budget next year. Preschool provision will see its funding restored to ensure that the Programme for Government (PFG) commitment can be delivered and that an additional £2 million over the draft Budget figure will be allocated to the education and library boards' youth services.”
“I think it was; I counted only one there. The answer to the second subpart of the Member's question is simple: no alternatives were put forward. I followed the debate that the Member brought to the House last week on education budgets and trying to get as much of the budget as possible into the front line, which we would all define as the classroom. I agree with that. I listened to all parties in the House call for that to be the case and for increases in expenditure on education. <BR /> <BR />When we got to the Executive last week, a paper was put for a £63 million allocation. Again, like all Ministers, the Minister sitting opposite would have taken more if it had been available, but I am sure that, in the circumstances, he will accept that this is a generous and significant increase compared with his draft Budget position.”
“With the OECD's history and record of working with Northern Ireland on education and some projects taken forward by OFMDFM, I think that that is a useful opportunity to use that expertise and that international benchmarking to judge where we are and where need to go.”
“It is important, therefore, that it lives within its means, as, indeed, all Departments should live within their means. I am confident that the work that the Department and the Minister undertook subsequent to last year has ensured that there is greater control at the centre over the trusts and what they are spending on a day-to-day basis. <BR /> <BR />My Department, at the outset, will monitor its plans to ensure that they are robust and deliverable, but, in the longer term, as the House will know, we have engaged the OECD to carry out a wider review of the public sector in Northern Ireland. One of the case studies that we have now identified for it to look at is health in Northern Ireland. It will take a longer-term view of what we are doing and benchmark that against other OECD member states.”
“That is an eclectic bunch of questions, Mr Deputy Speaker. I am very pleased to be able to increase the allocation to the Department of Health by £204 million next year. That represents roughly a 3·5% increase in its allocation compared with this year. The Health Minister, if he were here, would be the first to say that he would have taken much more in allocations than £204 million, and, in different circumstances, I would have liked to be able to give more money to Health. It is important that, with such a significant allocation, which is close to 50% of our total resource expenditure next year, going to the Department of Health alone, that money goes where it needs to. It is also important that the Department spends within its plans, because, even though it got that 3·5% increase, there will be pressures.”
“The cost to refurbish Dundonald House, which is a building that is on its last legs and needs to be refitted, would be around £22 million or £23 million, so the saving, such as it is, on capital would be less than £5 million. We are dealing with a Budget problem that is not a capital problem per se but a resource one, and £4 million of capital will not solve all our Budget problems. I am happy to support the policy, which will be welcomed widely across the Member's constituency and neighbouring constituencies.”
“While there are obviously serious personnel issues that have to be worked through in terms of staff in Dundonald House — that has to be treated with the greatest of sensitivity — I am happy to support the relocation to Ballykelly in the way that we have. <BR /> <BR />I have heard some parties represented in the House and on the Executive claim that ending the relocation to Ballykelly would somehow be the panacea that would solve all our budgetary problems. As the Member will know, and as the House should know, the significant cost at the outset is a capital cost. We could always do with more capital money, but capital is not where the real pressure will be next year; it will be on the resource side of the Budget. <BR /> <BR />The cost to move to Ballykelly is around £27 million.”
“I would never deny that difficult decisions will still have to be made by all Ministers — even those Ministers who, as shown in the table in the statement, will see their departmental allocation increase in percentage terms next year. Those Departments will still face a degree of pressure and will have to cut back on some of the things that they deliver. <BR /> <BR />In a Budget that has reductions for most Departments, DARD, with a reduction of 4%, is not doing as badly as others. I met the Agriculture Minister a couple of weeks ago and talked through a range of issues that her Department was facing. It was a very productive meeting. I am pleased that we are able to make a further allocation of about £1 million for the Department's relocation to Ballykelly.”
“That is what the Alliance Party is proposing at a time of real pressure on households and businesses. The Alliance Party, here in this House and its Ministers last week in the Executive, called for the introduction of water charges, significant increases in the regional rate and the elimination of schemes such as concessionary fares for the elderly. <BR /> <BR />I encourage the Alliance Party, over the next number of months in particular, to tell the people of Northern Ireland that it is in favour of water charges, an increase in the regional rate and, as its Ministers outlined last week, looking at eliminating schemes like concessionary fares. If the Alliance Party does not remind the people of Northern Ireland that those are its policies, we sure as hell will.”
“I commend the bravery of the Alliance Party in continuing to be a party that wants to see household taxes increase in Northern Ireland. I am very proud of the fact that, since the restoration of devolution in 2007, the Executive have maintained our record of having the lowest household taxes in the UK. I think that it is right, with the pressures that people, householders and businesses in Northern Ireland are facing, that we continue, insofaras we can, to maintain that policy. I am very pleased by the fact that, even though it has been a very challenging and difficult Budget, we have been able to do that. <BR /> <BR />The Alliance Party is probably a lone voice in some respects in wanting to see revenue raising increased in Northern Ireland. Terms like "revenue raising" are used almost euphemistically; it means tax increases.”
“I am very pleased that we have been able to increase the allocation to the investment fund to some £40 million, all of which will not be spent in the next financial year, but will be invested over several years as we leverage in as much as an estimated £1 billion funding for infrastructure projects in the energy, housing and other sectors.”
“The Member may be a little confused about where switches are taking place between capital and resource and resource and capital. We received agreement as part of the Stormont House Agreement to switch capital into resource to pay off the £100 million claim on the reserve this year so that we could live within our means. We also have the flexibility now to use capital to pay off the £114 million welfare penalty, which, unfortunately, is still there for next year. Work continues in respect of the Northern Ireland investment fund. We are just about to appoint a consultancy to work up various business plans and operating plans and so forth; that has received approval from Treasury. Before we commit to any FTC scheme, we go to Treasury to ensure that it is within their rules, and this one is.”
“<BR />Given the serious and significant campaign that was levied over the last number of weeks, the Executive expects the Minister of Education to use the sizeable allocation of £63 million that he has received. Of course, the Member's own Minister in the Executive voted against it. So, the Member welcomes it here today, and sent his colleague into the Executive last week to vote against an allocation of £63 million in additional funding for education. The Executive, like the community, expects the Minister to use that sizeable allocation, which is over a third of all available additional funding, to ease those pressures in the classroom, which so many of us hear about through principals and boards of governors in our constituencies.”
“If I had listened to the SDLP for financial advice, I would probably have been arrested for trying to sell the City of Derry Airport, which does not belong to the Northern Ireland Executive, so I will not listen to the advice of his party. <BR /> <BR />No one ever said that there was never going to be more money. What I and colleagues made clear was that there would be no more money for welfare reform, and that is the case. Barnett consequentials flowing from decisions taken by the Chancellor and Government in Westminster always come through. There is always additional money: sometimes the amount is small; sometimes it is medium or large. In this case, it has been incredibly beneficial to the Executive by easing a lot of the pressures, not least in education, which the Member outlined.”
“My argument is that in times when money is less and pressure is increasing, that is exactly the time when you want to devote more, or as much as you possibly can, of your resources to being innovative and reform orientated, to work across Departments to deal with very difficult problems and to focus on early intervention and prevention. It is certainly something that was worthwhile, and Members will see from the bids that were met that some very good bids were agreed to. It might be worthwhile for the Executive to look at that for the future as well.”
“In the interests of brevity, Mr Deputy Speaker, I am tempted just to say yes. However, I think that it has. The change fund, which had been set aside in the draft Budget to encourage bids by Ministers for reform-orientated, innovative projects, cross-departmental collaborative projects, and early intervention and prevention work, has been vindicated by the fact that there was over five times subscription for the funds. Obviously, we have to run that through a process. I think that you will see from the tables that are attached to the statement that virtually every Department has succeeded in one way or another. <BR /> <BR />Now, we will have to examine whether there is utility for that moving forward.”
“If I were to do that, I would have to be careful that it was not setting a dangerous precedent, so I was not prepared to go down that road. <BR /> <BR />The Minister has known for a long time that he has had pressures in his Department and has failed to take decisive action early enough. You only have to look at the situation where he has £20 million worth of a reported pressure, and he was bidding for £18 million to address that in the January monitoring round, knowing way back at the start of the year that he had that pressure and that he was only taking out costs, supposedly, of £2 million. In my view, that does not show decisive or quick enough action on the part of the roads Minister to deal with the problem that he had right from the start of the financial year.”
“<BR /> <BR />If we go back to the October monitoring round, we exited that, as I highlighted in my statement, with an overcommitment on the resource side of nearly £25 million, and there was a very real risk that the Executive, as a whole, could breach their Budget, and that would have been an unacceptable and untenable position to be in. The bid made by the Minister for Regional Development could not, at that time, be made. However, whether it could or could not be made is immaterial. As guardian of the public finances, I could not go to the Executive and ask for the Executive's agreement to support Ministers who have behaved irresponsibly in the management of their budget; that is simply not acceptable.”
“There is a whole history as to why that pressure is there, and I could argue, as I am sure colleagues could argue, that the Minister and the Department did not act vigorously enough in trying to pursue value from the port. That, of course, has not materialised, resulting in a pressure. However, no Minister should behave at the start of the year as if they have more money in the budget than they actually have. As a Minister, you should not be spending to a budget line that is inflated, in his case by £20 million, and then come to the Executive in-year and expect that pressure to be met.”
“I thank the Chairman for his welcome for the Budget. I look forward to working with him and the Committee over the next number of weeks. The agreement of a Budget and the announcement of it in the House is only the start of a process that will take us through most of February. I look forward to working with the Committee in respect of that. <BR /> <BR />A particular problem has arisen in the Department for Regional Development. It would seem that whatever the problem, the Minister for Regional Development wants to make it everybody else's problem, instead of getting on with doing his job, which is looking after his budget and taking the difficult decisions, which we all have to take, within his budget. He entered this year knowing that there was a £20 million pressure.”
“<BR /> <BR />Let us use this agreed Budget, with its focus on public services, the economy and reform, to renew and redouble our efforts to make progress and keep Northern Ireland moving forward. I commend the Executive’s agreed Budget for 2015-16 to the House.”
“Devolution has allowed us to transform Northern Ireland into a magnet for international investment, and we are increasingly a venue for world-renowned events. Locally elected politicians in this place have also been able to pursue policies that are in the interests of our people, such as keeping household taxes low, prioritising health and education, and securing the power to lower the rate of corporation tax. <BR /> <BR />Agreeing the Budget was as big a test as any that our Administration have passed since the restoration of devolution. No Budget would have meant no Stormont. It may not be ideal or to everyone’s satisfaction, but agreeing it in the context of severe pressures on public spending represents a sign of growing maturity. It should act as a stimulus as we step into a future that is full of challenge.”
“Anyone can vote for more money when times are good. It takes real leadership to say yes when the decisions are difficult. <BR /> <BR />Those who say no to the Budget are well within their rights to do so. However, the people of Northern Ireland need to know that, when challenged to come forward with alternative proposals to the Budget presented to them, those Ministers who voted no said nothing. They were happy to criticise, Mr Deputy Speaker, but not so keen to produce credible alternatives. <BR /> <BR />Sometimes, I think that we forget the degree of progress that we have made. Today, we enjoy a degree of peace and political stability that was denied to several previous generations. Contrary to the criticism from some quarters, this Executive have achieved much.”
“We have accepted the realities that we face and have done what we can to protect and support what is important to our people. <BR /> <BR />"Tough choices and difficult decisions" was how I characterised the Budget, and it would seem that they were too tough and too difficult for some. Opposition is easy, and saying no when you know that you do not need to say yes is hardly tough or difficult. However, those who failed to find the courage to back the Budget, those who took a narrow departmental or party political view, those who called for compromise only to vote against it because they did not get their way and those who want to adopt the cynical position of claiming clean hands on cuts while all the time remaining in the Executive have exposed their inability to lead in challenging times.”
“With some imagination, some innovation, some compromise and, above all, a lot of effort and endeavour, we have found a way through our immediate problems. This Budget is agreeing a way forward for next year with a focus on key front-line public services, aiding economic growth and pointing the way towards reform and restructuring; it represents an opportunity, at the beginning of a new year, for a fresh start for the Assembly and the Executive. <BR /> <BR />Let no one be in any doubt that, whilst the Budget that I present today is infinitely better for our public services and our economy than we could have hoped for, tough times lie ahead. In many respects, the most difficult decisions on public spending have yet to come. No one wants cuts, but, in agreeing this Budget, we have done the right thing.”
“It is keeping rates down, maintaining household taxes at the lowest levels in the whole of the United Kingdom, retaining supports like concessionary fares for the elderly and still investing in necessary, everyday public services like health, schools and street lighting. <BR /> <BR />Over the past year or more, budgetary, financial and welfare reform issues have been the cause of much disharmony and division in the Assembly. There were times when I thought that the Executive might breach their Budget or that agreement on a Budget for next year would prove impossible. A budget is the cornerstone upon which any government programme is built; without an agreed budget, no administration can function.”
“This Budget aims to mirror the values and aspirations of the people of Northern Ireland. It is a Budget that deals with many of our pressures, reflects our priorities and prepares for the future. It is a Budget that underpins the economic growth that Northern Ireland has been experiencing and prepares us for the devolution of corporation tax with sizeable investments in job creation and skills development. <BR /> <BR />It is a Budget that prioritises our key public services, with over £200 million more for health and a significant uplift for education compared to the draft Budget position. It is a Budget that puts us on the path to reforming and restructuring our public sector in readiness for what will be tough times ahead. Above all, it is a Budget and a January monitoring round for the people of Northern Ireland.”
“<BR /> <BR />I intend to monitor closely the financial position across Departments over the remaining months of this financial year to ensure that carry-forward of funding under the budget exchange scheme is maximised and that no funding is lost to Northern Ireland. Executive colleagues have agreed to cooperate fully in that task. Given the significant challenges that have faced the Executive's resource DEL in 2014-15, I am pleased to report that the Executive are now on course to live within Her Majesty's Treasury control totals this year. <BR /> <BR />There is no such thing as the perfect Budget, but, in the challenging circumstances in which the Executive found themselves, this represents a good deal for the people of Northern Ireland. US Treasury Secretary Jack Lew once said:”
“The Minister for Regional Development has been aware of that pressure for some time, and he should have taken the actions necessary to address it at the start of the financial year. It is absolutely unacceptable for Ministers to manage their budgets in the expectation of additional funding being secured through the Executive's in-year monitoring process. To offset the risk that an overspend by DRD will cause the Northern Ireland Executive to exceed their HM Treasury control total on resource DEL, the Executive have agreed not to allocate £13·9 million resource expenditure in this round.”
“I believe that that level of capital investment overcommitment is perfectly manageable, given historic patterns of underspend. I very much hope that the £13·9 million resource expenditure that is unallocated can be carried forward under the budget exchange scheme to help to address pressures in 2015-16. <BR /> <BR />However, Members should note that the Minister for Regional Development has indicated that his Department is likely to overspend on resource DEL in the current year, with the latest estimate of the pressure amounting to £13 million. The potential overspend is a consequence of the Minister's failure to address in full the £20 million gap in his budget as a consequence of value not being released from Belfast port as planned at the time of the last Budget.”
“There is £0·8 million to DHSSPS for the family support and parenting support programmes; £2·6 million to the Department of Education for the literacy and numeracy programme; £1·9 million to DSD for nurture units and the social enterprise programme; and £0·02 million to DOE for the play and leisure programme. Those transactions totalling £5·3 million will be handled as technical transfers rather than allocations. Following those transactions, no centrally held funding relating to the social investment fund, the Delivering Social Change programme or the childcare strategy remains unallocated in this year. <BR /> <BR />The Executive now exit the January monitoring round with £13·9 million of resource expenditure unallocated, whilst, on capital investment, there is an overcommitment of £4 million.”
“<BR /> <BR />Members will have noted that the Executive have agreed a £3·2 million resource DEL allocation in this round for the Delivering Social Change programme. That has been supplemented by £2·1 million of funding identified by OFMDFM, which has confirmed the following allocations under the Delivering Social Change programme to be processed in this monitoring round.”
“DETI will receive £2·2 million to meet pressures in Invest NI and the Northern Ireland Tourist Board. DRD will receive £5·2 million for street lighting and roads maintenance, and OFMDFM will receive £4·5 million to support the Delivering Social Change programme and the Victims and Survivors Service. <BR /> <BR />Capital DEL allocations include DSD receiving £7 million for investment in the social housing stock. The Department of Education will receive £5·4 million towards the purchase of a school site and to provide for updating of schools IT equipment under the C2k programme. DFP will get £6·4 million to advance our asset management strategy, DRD will receive £3 million for roads structural maintenance, and DHSSPS will receive £3·3 million for investment in medical equipment, ICT and health and safety.”
“I believe that it is important that the Executive have demonstrated their continued support through provision of that additional financing. The Executive have also agreed to allocate £2·1 million of ring-fenced financial transactions capital to DETI to support its growth loan fund. Following those allocations, all the financial transactions capital funding available to the Executive this year has now been allocated. <BR /> <BR />The Executive agreed allocations totalling £14·2 million of resource DEL and £27·2 million of capital DEL. Those allocations are detailed in the tables, and I will highlight only a few of the main ones. On the resource DEL side, there is £0·6 million to DCAL for sporting events and to help save the Ulster Orchestra.”
“In addition, slippage in the Northern Ireland Science Park development has resulted in DETI declaring a reduced requirement of £0·4 million. That now leaves £40·6 million available for allocation. <BR /> <BR />My officials have been working closely with Departments to identify schemes that could use that type of funding. As a result of that work, I am pleased to announce that the Executive agreed to provide £38·5 million of financial transactions capital funding to the University of Ulster to assist in financing its greater Belfast development scheme. That is in addition to the £35 million previously provided. It is a strategically significant project for the city of Belfast and, indeed, the whole of Northern Ireland.”
“Against the available resources, the Departments submitted bids amounting to £62·4 million for resource DEL and £48·3 million for capital DEL. Those bids are also detailed in the tables. <BR /> <BR />Before coming to the allocations agreed, I will also update Members on the position on ring-fenced financial transactions capital (FTC) funding. Members will recall that that funding can be used only for the purpose of providing loans to, or equity investment in, the private sector. Following the October monitoring round, some £35·2 million of financial transactions capital remained unallocated. However, due to delay in the implementation of the GP and dentist loan scheme, the Department of Health has surrendered £5 million in this round.”
“<BR /> <BR />A number of internal reallocations agreed by the Executive in this monitoring round are included for information in the tables accompanying this statement. The Executive also agreed a number of reclassifications between the resource and capital categories in this round. There were reclassifications between the ring-fenced and non-ring-fenced resource DEL categories. Those reclassifications are also shown in the tables. <BR /> <BR />All the above issues impacted on the amount of resources available to the Executive in this monitoring round. Taking into account the starting position, the reduced requirements and reclassifications resulted in £28·1 million of resource DEL and £23·2 million capital DEL being available to the Executive.”