Dáil Éireann Debate, Tuesday - 19 November 2013
198. Deputy Catherine Murphy asked the Minister for Finance if, given the levels of capital which foreign multinationals retain here and do not repatriate, he has proposed a Government-secured investment facility to direct much-needed capital from this stockpile towards projects with the potential to create jobs, or towards training and development in areas where Ireland has a skills gap; and if he will make a statement on the matter. [42702/13]
View answerThe National Treasury Management Agency (NTMA) offers a suite of investment products – long-term bonds, short-term paper, State Savings including the National Solidarity Bond, inflation-linked bonds – which are designed to appeal to as wide a spectrum of investors as possible. The funding raised by those investment products is used to fund Government expenditure. In relation to the Deputy’s suggestion of an investment facility, as recently announced, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF). The discretionary assets of the NPRF, worth some €6.6 billion currently, will be channelled towards productive investment on commercial terms in the Irish economy. Using the Ireland Strategic Investment Fund, we will maximise our resources to enhance growth in the Irish economy and improve key infrastructure to maintain Ireland's attractiveness as a place to do business and to create jobs. The NPRF has already established funds that support both strategic projects and a number that support SME financing. Additionally, my colleague the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, announced on Monday 4 November 2013 the establishment of a new fund of €125 million managed by MML Growth Capital Partners Ireland which will focus on investing in Irish SMEs.
