Smith seeks SSIA cash to boost navy

DEFENCE MINISTER Michael Smith will be seeking a share of the €14 billion funds in the SSIA schemes to finance the expansion of the naval service — particularly more high-speed drug trafficking interception boats.

Mr Smith said the department's own funds, which have bankrolled major improvements in the naval service, had been well tapped and it was now time to explore new ways of funding.

He is seeking, in discussion with the Department of Finance, to have some of the proceeds of the SSIA funds, due to be redeemed in 2006/2007, invested in new Defence Bonds.