§ Mr. Peter RobinsonTo ask the Secretary of State for Northern Ireland under what terms the borrowing facility under the Reinvestment and Reform Initiative can be accessed; what constitutes revenues in Northern Ireland for the purposes of accessing borrowing; and whether movement towards convergence must occur between Northern Ireland and Great Britain. [123706]
480W
§ Mr. PearsonThe borrowing facility provided under the Reinvestment and Reform Initiative (RRI) will operate under the standard terms for borrowing from the National Loans Fund as determined by the Treasury. Access to the borrowing facility will be contingent upon the generation of additional rates revenue, and revenue from domestic water charges once introduced. Only revenue above the level needed to match average increases in England will count as qualifying revenue far borrowing purposes.