During the week we heard the welcome news that the Government had approved €5 million in capital funding to extend and widen the runway at Waterford Airport. The total cost is €12 million, with the balance being met by three local authorities and private investment. However, support from the Government is subject to a number of conditions, including a demonstration that the project can be delivered for €12 million and will not go over budget. Yesterday, the Oireachtas Joint Committee on Health heard that the cost overrun at the national children's hospital was due to inflation cost. Why is cost inflation acceptable for the children's hospital, but for Waterford Airport, which applied for the funding 12 months ago, the terms and conditions are different? Every project has the possibility of a cost overrun. This seems to be a very strange situation.

This is a very sensible approach. The local authorities along with private investors wish to develop the runway in Waterford Airport to allow the return of flights that will bring business and tourism opportunities. The Government has indicated we will provide a subvention towards it. However, of course those investors need to ensure the project is delivered according to the outline they have given. In seeking a subvention of this nature, the Government must take that care to protect the taxpayers' resource, albeit recognising that this is a very exciting prospect.