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Ireland Strategic Investment Fund Investments

Dáil Éireann Debate, Tuesday - 29 January 2019

Tuesday, 29 January 2019

Questions (159)

Marc MacSharry

Question:

159. Deputy Marc MacSharry asked the Minister for Finance if his attention has been drawn to the fact that according to the accounts of a company (details supplied) the return for taxpayers here on the high risk investment in 2019 will be less than €1 million which is less than 1% of the €156 million that went to the company; his views on whether this is value for money; and if he will make a statement on the matter. [3746/19]

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Written answers (Question to Finance)

I refer the Deputy to the response to PQ 3744/19, which sets out the agreements with Finance Ireland Limited and its subsidiary FICS Holdings (One) DAC. These agreements are commercially negotiated and it would not be appropriate to disclose this commercially sensitive information.

However, I would draw the Deputy's attention to the facts, as set out in PQ 3744/19, that the Ireland Strategic Investment Fund funds are direct equity investments, whereas, the funds from the Strategic Banking Corporation of Ireland are lending facilities. These funds have different statutory objectives, as set out in the statutes establishing both bodies, which means a single level of return should not be expected.

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