Dáil Éireann Debate, Thursday - 10 October 2019
108. Deputy John Deasy asked the Minister for Finance the status of the operation of the Ireland Strategic Investment Fund; the way in which refocus of same in February 2019 on regional development has worked to date in terms of geographical spread; the amount left in the fund; and the length of time it will remain open to applications. [41489/19]
View answerThe Ireland Strategic Investment Fund (ISIF) publishes biannual reporting which contains an update on the status of the operation of the ISIF, including economic impact reporting. The latest report (available at https://isif.ie/uploads/publications/ISIF-H1-2019FY-2018.pdf) sets out an overview of ISIF as at 30 June 2019 and the regional spread of ISIF's investments as at 31 December 2018.
The regional breakdown which is geographically balanced, broadly in line with regional economic activity, is set out in the following table.
|
- |
Jobs |
Capital Deployed |
GVA |
|
Dublin |
45% |
55% |
44% |
|
Excluding Dublin |
55% |
45% |
56% |
In early 2019, the ISIF announced its refocused investment strategy, which is based on 5 priority themes, one of which is to prioritise investments which support regional development. I am informed by ISIF that, during 2019, a number of investments have been completed which are entirely consistent with the regional theme. These include:
- Development Finance for a new Aviation Hangar at Shannon Airport;
- Quadrant Real Estate, a fund supporting Commercial Real Estate development in Cork;
- Development Finance for the Abbey Quarter urban regeneration and repurposing project in Kilkenny;
- Direct investments in indigenous businesses in regional locations – namely ATA in Cavan, Green Isle Brands in Sligo and West Cork Distillery in Skibbereen;
- Beechbrook, a Cork based SME fund with a mandate to focus its activities on businesses based in regional locations; and
- Housing Infrastructure Services Company – a commercial joint venture with Cork County Council for the provision of enabling infrastructure for housing development.
ISIF advises that investment in these projects and businesses totals €117m.
ISIF has also informed me that it has a planned programme of regional engagements. In fact, market engagement events have already taken place in Sligo and Cork in 2019. Further events and engagement are planned for the remainder of 2019 and the first half of 2020.
As at 30 June 2019, I am advised that the Discretionary Portfolio was valued at €9.5bn, of which €1.5bn was allocated to a Pre-Rainy Day Fund, €2.8bn was committed to the Irish Portfolio and €5.2bn in the Global Portfolio remains available for investments in Ireland.
ISIF has a long-term timeframe for applications.
