Dáil Éireann Debate, Wednesday - 30 September 2015
77. Deputy Paul Murphy asked the Minister for Finance his views regarding potential conflicts of interest in the appointment of a person (details supplied) which, in partnership with a United States of America equity fund, is to lend €325 million from the Ireland Strategic Investment Fund, formerly the National Pensions Reserve, to developers. [33483/15]
View answerThe ISIF has advised that they do not perceive a conflict of interest arising from Mr. O'Connor's appointment as Chairman of Activate Capital as (i) Mr. O'Connor stood down as Chairman of AIB in 2010, and (ii) his recently ceased directorship of CRH was in a non-executive capacity and regardless of this fact CRH, as a supplier of building materials, is not in the business of residential property development.
For clarity the €500 million Activate Capital initiative, which will invest in the development and construction of housing, involves a €325 million investment by ISIF and €175 million by KKR as a joint venture. ISIF Investment decisions are a matter for the Investment Committee which has responsibility to make decisions within the terms of ISIF's Investment Strategy.
