Departmental Agencies Expenditure

Dáil Éireann Debate, Tuesday - 29 September 2015

Tuesday, 29 September 2015

Questions (250)

Michael McGrath

Question:

250. Deputy Michael McGrath asked the Minister for Finance in relation to the announcement by the Ireland Strategic Investment Fund of a €500 million home building finance joint venture with an investment firm (details supplied), the amount that has been drawn down to date; the number of housing units which will be constructed as a result of the drawdown to date; the average interest rate which applies to the loans drawn down to date; when he expects the funding to be fully drawn down; and if he will make a statement on the matter. [33159/15]

Written answers

Minister for Finance

The Ireland Strategic Investment Fund (ISIF) advise that Activate Capital opened for business on 1 September 2015 and will become operational during the fourth quarter of 2015.  As of today's date no capital has been drawn down, however, the company is currently in discussions with a number of developers on potential opportunities. As these discussions advance, the timeline for draw down and the number of houses which will be constructed will become clearer.