Ireland Strategic Investment Fund Investments

Dáil Éireann Debate, Tuesday - 24 July 2018

Tuesday, 24 July 2018

Questions (220)

Mick Wallace

Question:

220. Deputy Mick Wallace asked the Minister for Finance his views on the fact that a company (details supplied) has received €25 million in State funding from the National Treasury Management Agency via the Irish Strategic Investment Fund, ISIF, while in 2012 the same company's loan book was sold via a refinancing transaction for an average discount of 92%; if he is satisfied that the State should be financing companies that have previously received such write-downs; his plans to discuss this €25 million financing provided by ISIF to the company; and if he will make a statement on the matter. [33436/18]

Written answers

Minister for Finance

The NTMA have advised me that the Ireland Strategic Investment Fund (ISIF) committed €25 million of equity capital into a newly established fund which will invest in residential property in the Irish Private Rented Sector. Avestus Capital Partners have been appointed as the investment advisor to the fund. ISIF’s equity capital will be exclusively used to forward purchase newly developed rental properties and support the construction of new homes in Ireland.   

All ISIF investment proposals are subject to thorough due diligence before the ISIF commits its capital, as was the case with this particular investment.