Written Answers Nos. 80-99
80. Deputy Mick Barry asked the Minister for Transport, Tourism and Sport if he will make provision in driver test centres for driving instructors to avail of indoor facilities while their students are undergoing their driver test; and if he will make a statement on the matter. [17555/20]
View answerThis is a matter for the Road Safety Authority. I have referred the question to the Authority for direct reply. I would ask the Deputy to contact my office if a response is not received within 10 days.
81. Deputy Alan Kelly asked the Minister for Transport, Tourism and Sport if his Department has estimated the economic implications of using 50% of passenger capacity in the fleet of private coach operators in terms of the viability of those companies in view of the level of employment they are likely to provide in future; and if he will make a statement on the matter. [17573/20]
View answerOver the course of the COVID-19 crisis, my Department has been working closely with the National Transport Authority (NTA) to ensure public transport services continue safety and to plan for capacity as demand for public transport services changes along the course of the Government's Roadmap for Reopening Society and Business.
While the majority of public transport in Ireland is provided by the publicly-subvented bus and rail services funded through National Transport Authority's (NTA) public service obligation (PSO) programme, the public transport system also includes non-subvented bus services provided on a commercial basis by bus and coach businesses of varying size. I understand that about 90% of the commercial bus operators have suspended their services or are providing significantly reduced services at present. My Department has engaged with the Coach Tourism & Transport Council of Ireland (CTTC) on a regular basis in relation to the impact of Covid-19 on licensed bus operators.
The sharp decline in passenger numbers since mid-March this year as a result of the Covid-19 health emergency has caused an unprecedented fall in fare revenues, thus creating a wide gap between the operators' costs and actual revenues. From my Department's engagement with their representatives, and indeed from the NTA's regular engagement with them throughout the crisis, I understand the very difficult business environment that the commercial operators have been facing. Indeed, across Government we are acutely aware that the Covid-19 situation presents huge challenges for many business sectors.
It is critical for the public transport sector to be functioning so that it can carry the passengers that we need to return to work and to other activities as they re-open. Many of these operators provide essential transport services for people who need to get to work and are vital to ensure economic recovery.
For that reason, the Deputy will be pleased to know that on 25 June the Government approved temporary funding supports, in accordance with EU and national legislation, for the licensed bus sector. These supports are aimed at ensuring the continued operation of essential licensed bus services for a period of up to six months. The package will be restricted to operators where a clear public interest justification supports such intervention and will be targeted at compensating the gap between specified costs and the revenues generated on the services. The NTA, as the public transport licensing agency, is responsible for administering funding support through the establishment of contracts between the NTA and the relevant operators.
This is, of course, additional to the wider programme of Government supports introduced for impacted businesses, including new schemes of wage subsidies, rates waivers, re-start grants, lending facilities, equity injection, and business advisory supports for example.
With the commencement of Phase 3 of the Roadmap for Reopening Society and Business on 29 June 2020, changes to the existing public transport social distancing restrictions were agreed, allowing a move from 2 metres social distancing to utilising 50% of the passenger-carrying capacity of bus and rail fleet. This will help to underpin public transport services provided by both public and commercial licensed operators during these unprecedented times, with a view to safeguarding public transport for the Roadmap for Reopening Society and Business. Alongside this change, new Regulations were introduced making mandatory the wearing of face coverings on public transport, with some limited exceptions.
82. Deputy Róisín Shortall asked the Minister for Transport, Tourism and Sport the position regarding a driver licence renewal for a person (details supplied) in Dublin 9; if steps can be taken to address the backlog for driver licence renewals; and if he will make a statement on the matter. [17584/20]
View answer84. Deputy James O'Connor asked the Minister for Transport, Tourism and Sport if he will consider extending the driver licence renewal period for those over 70 years of age in view of Covid-19 (details supplied); and if he will make a statement on the matter. [17595/20]
View answer89. Deputy James Browne asked the Minister for Transport, Tourism and Sport if he will include driver licences that are due to expire in July 2020 in relation to the extension by four months, of the period of validity for driver licences that were due to expire between March and June 2020 in view of the fact that some drivers including a person (details supplied) are being informed by the NDLS that they cannot provide appointments for drivers to renew their licences until August 2020 thus leaving some drivers without a licence; and if he will make a statement on the matter. [17618/20]
View answerI propose to take Questions Nos. 82, 84 and 89 together.
The possible extension of the validity of driver licence for a further period is under consideration. The National Driver Licence Service (NDLS) recommenced services on a phased basis from Monday 8 June 2020.
NDLS offices are unable to facilitate any walk-ins due to the social distancing requirements and in the interest of protecting the staff and customers. Therefore, all appointments must be booked in advance. This, of course, has led to an increase in the demand for appointments.
The Road Safety Authority is currently working with their providers to see how they can increase capacity while adhering to the return to work protocol. Options under consideration include extended opening hours, overtime and protective segregation barriers between booths. Some applicants may be able to apply online. Details are available on the NDLS website (www.ndls.ie).
83. Deputy Darren O'Rourke asked the Minister for Transport, Tourism and Sport his views on the assessment by An Taisce of Smarter Travel - A New Transport Policy for Ireland 2009-2020 (details supplied); and if he will make a statement on the matter. [17593/20]
View answerI very much welcome the fact that as part of its environmental performance review of Ireland the Organisation for Economic Co-operation and Development (OECD) is including a chapter on sustainable mobility. This chapter was included at the request of my Department and the OECD’s review will, I am sure, provide an objective, independent and evidence based approach toward assessing the progress that has been achieved and the challenges, often significant, which remain. An Taisce’s submission to the OECD is one of a number of submissions made by different organisations and interest groups during the consultation process that will usefully inform the OECD’s work in the coming months.
The OECD’s review is very timely, as the Deputy will be aware that my Department has itself already launched a review of sustainable mobility policy and held a public consultation process, including a stakeholder engagement event, between November 2019 and February 2020. I intend to publish a report of the public consultation process shortly.
An extensive range of background papers was published as part of this consultation process, including a review of implementation progress relating to Smarter Travel - A Sustainable Transport Future and these papers are available to view on my Department’s website.
I recognise, as does my Department’s review of Smarter Travel, that key targets of the policy were not achieved. However, the Deputy will acknowledge that, following publication of the 2009 policy, the budgetary parameters became extremely restrictive due to the economic and financial crisis which occurred at that time. Funding remained extremely constrained in the years that followed and significant increases have only been possible in the most recent Budgets. The funding available over most of the period of the Smarter Travel policy's lifecycle was much more restricted than envisaged at the time of its development.
I intend to develop a new policy framework for the next 10 years that can provide a strategic backdrop to the increased investment planned by this Government across the sustainable mobility programme. The new policy statement will be informed by the review of the Smarter Travel, submissions received during my Department's consultation period and the views and recommendations of the OECD and will provide a platform to advance the ambitions of the Programme for Government in the area of sustainable mobility, including active travel, and will replace the 2009 policy.
85. Deputy Catherine Connolly asked the Minister for Transport, Tourism and Sport the details of each foreign military airforce that used an ARES area in Irish airspace in each of the years 2010 to 2019 and to date in 2020; and the number of times in each year that each airforce made use of an Irish ARES area. [17598/20]
View answer86. Deputy Catherine Connolly asked the Minister for Transport, Tourism and Sport the details of each instance in which Irish airspace was reserved for the use of foreign military aircraft through flexible use of airspace in each of the years 2010 to 2019 and to date in 2020; and the foreign military involved in each instance. [17599/20]
View answerI propose to take Questions Nos. 85 and 86 together.
My policy remit is limited to civil aviation and therefore matters relating to military activity fall outside of my ministerial responsibilities. Matters relating to foreign military activity in Irish airspace are a matter, in the first instance, for my colleague the Minister for Foreign Affairs Simon Coveney, T.D.
87. Deputy Catherine Murphy asked the Minister for Transport, Tourism and Sport transport the way in which persons who did not declare their car off the road in advance of travel restriction due to Covid-19 mitigation measures by the State may avail of a waiver of motor tax arrears; his plans to waive motor tax arrears as part of the phased reopening of the economy and society; and if he will make a statement on the matter. [17611/20]
View answerThere are no plans currently to amend motor tax legislation to provide for the waiving of arrears of motor tax.
Motor tax receipts are a significant contributor to Exchequer finances and form part of the means in ensuring that Covid-19 supports can continue in the short-term, in helping the re-building of the economy in the medium to longer term and in ensuring the ongoing provision of public services. As the Deputy is aware, the Government has channelled Exchequer resources towards the introduction of a range of supports for Covid-impacted businesses, including rates waivers, re-start grants, lending facilities, equity injection, and business advisory supports. In terms of social protections, a Pandemic Unemployment Payment has been introduced for those who are unemployed due to the pandemic or are self-employed and impacted by Covid-19. A Temporary Wage Subsidy Scheme has also been introduced for employers to ensure continuity of employment for those who might otherwise have lost jobs as a result of the pandemic. A significant package of job stimulus measures will also be announced shortly, focusing on sectors of the economy particularly affected in recent months, and this will be further followed by longer-term actions in the National Economic Plan, which will be published alongside Budget 2021.
88. Deputy Catherine Murphy asked the Minister for Transport, Tourism and Sport the amount collected in motor tax from 1 March 2020 to 17 July 2020; the amount collected by category of vehicle; and if he will make a statement on the matter. [17612/20]
View answerGross motor tax receipts, including arrears, are set out by vehicle category in the table below for the period from 1 March 2020 to 16 July 2020 (the most up to date data available).
|
Vehicle category |
Gross Motor Tax Receipts 1 March 2020 – 16 July 2020 |
|
Private car (engine capacity) |
€113,934,233 |
|
Private car (engine capacity electric) |
€3,936 |
|
Private car (CO2) |
€180,644,744 |
|
Goods vehicle |
€57,198,505 |
|
Goods vehicle electric |
€60,268 |
|
Agricultural tractor/trench digger/excavator |
€3,861,435 |
|
General haulage tractor |
€112,055 |
|
Dumper/forklift truck |
€118,424 |
|
Off Road dumper |
€11,232 |
|
Machine/workshop/contrivance |
€685,361 |
|
Taxi/hackney |
€698,435 |
|
Large public service vehicle |
€631,209 |
|
Schoolbus |
€17,067 |
|
Youth & community bus |
€42,215 |
|
Hearse |
€43,318 |
|
Island vehicle |
€24,301 |
|
Motor caravan |
€762,722 |
|
Motor cycles |
€2,081,506 |
|
Vintage motorcycles |
€77,958 |
|
All other vintage vehicles |
€1,155,543 |
|
Total |
€362,164,467 |
90. Deputy James Browne asked the Minister for Transport, Tourism and Sport if he will have the cessation of contracted school transport services to a school (details supplied) re-examined with a view to arranging for the reinstatement of the school transport services without which students will be severely negatively impacted; and if he will make a statement on the matter. [17619/20]
View answerAs Minister for Transport, Tourism and Sport I have responsibility for policy and overall funding in relation to public transport. The School Transport Scheme comes under the remit of my colleague the Minister for Education and Skills. Bus services outside of that scheme are part of the overall public transport sector. Day-to-day management and operational aspects of public transport are the responsibility of the individual operators, in this case Dublin Bus, in conjunction with the National Transport Authority (NTA).
Accordingly, I have forwarded the Deputy's questions to Dublin Bus for direct reply. Please advise my private office if you do not receive a response within ten working days.
91. Deputy Brendan Smith asked the Minister for Transport, Tourism and Sport the timeline for the reopening of the RSA driver test centre, County Cavan; and if he will make a statement on the matter. [17668/20]
View answerOn Monday 29 June, driving tests resumed on a gradual basis for trucks, buses and motorcycles. Fourteen driving test centres reopened initially, with others being phased in.
Driving tests for cars, vans, and minibuses resuming on a phased basis from last week. The resumption plan being put in place is to protect both the public and staff and will also enable the RSA to review practices and adapt any mitigating measures.
The safety of the public is of paramount importance at this time, whether from infection or from deaths and injuries on the road, and in this as in all aspects of the Covid-19 crisis, my Department will be guided by NPHET and national experts.
Arrangements for specific testing centres are an operational matter for the RSA. I have therefore referred this question to the Authority for direct reply. I would ask the Deputy to contact my office if a response has not been received within ten days.
92. Deputy Seán Canney asked the Minister for Transport, Tourism and Sport if he will provide a Bus Éireann bus stop at Kiltartan Cross, County Galway (details supplied); and if he will make a statement on the matter. [17669/20]
View answer93. Deputy Seán Canney asked the Minister for Transport, Tourism and Sport if he will request Bus Éireann to reinstate the bus stop at Kilreekil village, County Galway (details supplied); and if he will make a statement on the matter. [17670/20]
View answerI propose to take Questions Nos. 92 and 93 together.
As the Minister for Transport, Tourism and Sport, I have responsibility for policy and overall funding in relation to public transport. However, I am not involved in the day-to-day operations of public transport.
The issues raised are operational matters for the National Transport Authority in conjunction with Bus Éireann and I have forwarded the Deputy's questions to the company for direct reply.
Please advise my private office if you do not receive a response within ten working days.
94. Deputy Alan Dillon asked the Minister for Finance if he will respond to a call by performers and crew in the live entertainment industry to retain the temporary wage subsidy scheme and to provide other supports and grants for those in that sector who are uncertain as to when they will return to work in view of social distancing rules; and if he will make a statement on the matter. [17545/20]
View answer100. Deputy Danny Healy-Rae asked the Minister for Finance his plans to support jobs in the tourism-related sector (details supplied); and if he will make a statement on the matter. [17608/20]
View answer101. Deputy Danny Healy-Rae asked the Minister for Finance if he will address a matter (details supplied) regarding the wage subsidy scheme; and if he will make a statement on the matter. [17609/20]
View answerI propose to take Questions Nos. 94, 100 and 101 together.
The Temporary Wage Subsidy Scheme (TWSS) was introduced in March and was specifically designed to support firm viability and preserve the relationship between the employer and employee insofar as is possible through the lockdown period, in circumstances where the employer’s business had been negatively impacted by COVID-19.
The TWSS is available to employees, whether full-time or part-time, who were on their employer’s payroll at 29 February 2020. This requirement is set down in Section 28 of the Emergency Measures in the Public Interest (COVID-19) Act 2020.
The scheme was developed in a short period of time, having regard to the overarching urgent Government objective of getting assistance to employers and employees quickly.
The amount of the subsidy for each employee is calculated based on the average net weekly pay reported for January and February 2020. There is no distinction made regarding the subsidy amount based on whether the business has closed due to the restrictions brought in by the Government or has continued to trade with employees continuing to work part-time or full time with similar hours as before the Covid-19 pandemic.
However, the employer is expected to make best efforts to maintain the employee’s net income reflected in the average net weekly payment for January and February 2020, for the duration of the TWSS. At the same time, there is no minimum amount that the employer must pay as an additional payment in order to be eligible for the scheme, but for Revenue operational systems reasons the employer needs to enter at least €0.01 in gross pay when running its payroll.
The question of an individual’s entitlements in an employment context, and the question of what wages an employer may or may not be in a position to pay such an employee in light of the impact of the Covid-19 pandemic on the employer’s business, are matters that are outside the remit of the TWSS. The scheme has no role in relation to the employer/employee relationship in so far as the terms, conditions and entitlements of the employment are concerned.
As the public health restrictions are eased, the challenge for the economy and enterprises is evolving. Having regard to the novel circumstances surrounding the re-opening of the economy as well as the need to avoid the risk of forcing otherwise viable firms to close, in early June it was announced that the TWSS will remain until the end of August. Work has been ongoing and is at an advanced stage around how best to support employers into the more medium term. The position of various sectors, including the activities and workers mentioned by the Deputies, will be taken into account in this process. As per the commitment in the Programme for Government, it is planned that the July Jobs Initiative will set out a pathway for the future of the TWSS.
95. Deputy Ruairí Ó Murchú asked the Minister for Finance if his attention has been drawn to the case of a retained firefighter (details supplied) that works as a civil servant for a State agency and has been informed that they are no longer allowed to leave work to carry out their duties as a retained firefighter; and if he will make a statement on the matter. [16793/20]
View answerI am advised by Revenue that the person concerned is employed as a Clerical Officer with Revenue in Dundalk, in full-time capacity, Monday to Friday. The retained firefighter role requires availability on call, six days out of eight and is not therefore compatible with a fulltime post in Revenue.
96. Deputy Niamh Smyth asked the Minister for Finance the steps he is taking to reprimand insurers that are not supporting or honouring policies with publicans during this difficult time for businesses due to Covid-19. [17461/20]
View answerI am aware that there have been many concerns expressed about how the insurance industry is responding to the needs of its business policyholders including publicans in these difficult times. I have considerable sympathy for such policyholders. However, it is important to emphasise that neither I, nor the Central Bank can direct or require that insurers cover claims, including those resulting from infectious diseases such as COVID-19. Furthermore, it is not a matter for the Government or Central Bank to adjudicate on the validity of such claims. If there continues to be a disagreement between an insurer and a policyholder, then the appropriate channels for resolving them must be followed i.e. use of the Financial Services and Pensions Ombudsman or litigation. I understand that this is already happening in a number of cases.
Whilst I have no legal authority to compel an insurer to pay a claim, I believe that as a general rule insurers should not attempt to reject claims on the basis of interpreting policies to their own advantage. I believe that they should engage with those businesses honestly, fairly and professionally to honour those elements of the policies covered, in line with the Central Bank’s Consumer Protection Code. I have outlined these views to the insurance industry on a number of occasions, such as on my letter to Insurance Ireland on the 27 March and indicated amongst other things that
(i) insurers should not attempt to reject claims on the basis of interpreting policies to their own advantage; and,
(ii) that where a claim can be made because a business has closed as a result of a Government direction due to contagious or infectious disease, that the recent Government advice to close a business in the context of COVID-19 should be treated as a direction.
Insurance Ireland, on behalf of its membership, responded on 3 April and stated that it accepted both of my points. It did however indicate that each insurance policy is different and there may well be other factors which lead to the adjudication of whether a business interruption claim is valid or not, other than Government advice to close. Following on from this correspondence, I held a teleconference with Insurance Ireland, on 17 April, where I reiterated that some insurers, by adopting a “blanket” rejection of all business interruption claims, were doing the industry significant reputational damage and were not treating customers fairly.
In addition, my officials and I have had extensive engagement with the insurance industry regarding insurers offering supports and reliefs to businesses during the COVID-19 emergency. The outcome of this engagement is an agreement that I announced on 10 April whereby most of the key insurers in the Irish market - namely Allianz, AIG, AXA, FBD, Liberty Insurance, RSA, Travelers Insurance and Zurich - would ensure that a number of common forbearance measures are available to their business customers. The agreement covered a commitment by insurers to reduce premiums for business customers to reflect reduced level of exposure as a result of COVID-19 restrictions for Employer Liability/ Public Liability and Commercial Motor. The agreement also has a commitment to maintain cover for unoccupied commercial buildings/ premises not in use due to COVID-19 restriction (for a maximum of 90 days). I believe that this agreement was a positive step, but it was also critical that insurers delivered upon their commitments. Therefore, I asked Insurance Ireland to put in place a mechanism which provides proof of delivery. My Department received the second “Activity Report” on this issue from Insurance Ireland on 17 July. This Report shows that in the period from 23 March to 15 June, Insurance Ireland members processed 9,789 forbearance requests for business customers worth a total of €9,601,331.
The Deputy should also note that the Central Bank wrote to the CEOs of major insurers outlining its expectations of them in this crisis from a consumer protection perspective. This included the Bank’s belief that while most insurance policies are clear, if there is a doubt about the meaning of a term, the interpretation most favourable to the consumer should prevail. The Central Bank is continuing to engage with the non-life insurance industry on these matters and will continue to closely monitor the situation to ensure that firms are meeting the expectations as previously set out.
It is also worth noting that I have also held two meetings with the Alliance of Insurance Reform, the latest meeting which took place on 17 June. These meetings were very useful as I was able to hear first-hand the issues faced by businesses in relation to insurance. A further meeting with the Alliance is being held today.
Finally, I wish to state that Minister Fleming and I along with my Cabinet colleagues are prioritising reform of the insurance sector. This is recognised in the Programme for Government’s extensive cross-Departmental insurance reform agenda, which amongst other things seeks to address consumer and business concerns on the cost and availability of insurance by building on the work of the Cost of Insurance Working Group.
97. Deputy Jennifer Carroll MacNeill asked the Minister for Finance if he will consider extending the payment date on inheritance tax as a result of the Covid-19 pandemic in view of the fact many will have been unable to prepare and sell properties in time; and if he will make a statement on the matter. [17485/20]
View answerThe standard rate of Capital Acquisitions Tax is 33%. There are three tax-free thresholds depending on the relationship between the disponer and the beneficiary, with CAT applying on the amount inherited or gifted over the thresholds, as follows:
Group A threshold (€335,000) - Applies where the beneficiary is a child (including certain foster children) or minor child of a deceased child of the disponer. Parents also fall within this threshold where they take an absolute inheritance from a child.
Group B threshold (€32,500) - Applies where the beneficiary is a brother, sister, niece, nephew, or lineal ancestor or lineal descendant of the disponer.
Group C threshold (€16,250) - Applies in all other cases.
All gifts/inheritances received since 1991 from all disponers in the relevant group must be aggregated together when calculating the taxable value. The balance of gifts or inheritance above the threshold is taxable.
I am advised by Revenue that the date on which inheritance tax is payable is determined by the ‘valuation date’ on which the market value of the property included in an inheritance must be established. Where this date is between 1 January and 31 August, inheritance tax is payable by 31 October in the same year. Where this date is between 1 September and 31 December, inheritance tax is payable by 31 October in the following year.
Section 30 of the Capital Acquisitions Tax Consolidation Act 2003 contains the rules for determining the valuation date. The valuation date depends on the circumstances particular to a case and is not a fixed date in relation to all inheritances. This date can be earlier than the date on which property is given to a beneficiary as it is the date on which the executors of a will become entitled to retain the property for the benefit of a beneficiary. Generally, this is the date on which probate or administration is granted.
Where the benefit consists of property, it may well be the case that inheritance tax is payable before a beneficiary has received the property due to a delay in completing the administration of an estate. Equally, where a beneficiary has actually received the property, inheritance tax may be payable before a beneficiary has had the opportunity to sell that property and pay the tax liability. Outside of the current COVID-19 circumstances, the length of the conveyancing process is such that it is often the case that an inheritance tax liability arises before a property can be sold to pay that liability. To provide for such situations, taxpayers have a statutory entitlement to payment by instalments in certain circumstances. Monthly instalment payments for up to five years may be allowed subject to the payment of interest at an annual rate of 8%. However, Revenue has discretion to allow payment by instalments over a longer period in exceptional circumstances where the tax cannot be paid without excessive hardship. In such circumstances, Revenue also has discretion to allow payment to be postponed for such period and on such terms (including the waiver of interest) as it thinks fit. Revenue will consider each case on its merits, taking into account both the financial circumstances of the beneficiary and the nature of the inheritance involved.
98. Deputy Jim O'Callaghan asked the Minister for Finance the level of excise duty raised by the Exchequer via on-trade alcohol sales from pubs per month during 2019, in tabular form; and if he will make a statement on the matter. [17508/20]
View answerI am advised by Revenue that a breakdown of the Excise Duty in respect of alcohol sales from pubs is not available. Excise returns are filed with Revenue on release of the product from tax warehouses or on importation of the product, they do not record where or when the product is consumed.
A monthly and quarterly breakdown of Excise Duty for 2019, for each of Beer, Spirits, Wine and Cider, is published on the Revenue website at the following link:
https://www.revenue.ie/en/corporate/documents/statistics/excise/quarterly-alcohol-breakdown.pdf.
99. Deputy Róisín Shortall asked the Minister for Finance his views on establishing a national wealth fund which would see the State make investments which would be collectively owned by Irish persons that would have the right to draw down funds over the course of their lifetime; and if he will make a statement on the matter. [17587/20]
View answerMy views regarding the establishment of any Fund are based on whether it would create any additional value to the State. As described by the Deputy, I believe that the proposed National Wealth Fund would in essence duplicate the role currently fulfilled on behalf of the State by State Savings products and the Ireland Strategic Investment Fund (ISIF).
State Savings products, which are managed by the National Treasury Management Agency (NTMA) already enable personal savers to invest their money in the State. Savings invested in this way are available to the Exchequer to fund Government expenditure. They form part of the National Debt of Ireland and repayment of all State Savings money is a direct, unconditional obligation of the Irish Government.
ISIF, on the other hand, is Ireland’s Sovereign Wealth Fund whose assets are held on behalf of Irish citizens by the Minister for Finance. The Fund which is also controlled and managed by the NTMA has a “double bottom line” mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. ISIF is an important state asset in responding to emerging economic challenges facing the country. In this connection, on foot of a Government Decision, the ISIF launched its refocussed Investment Strategy, ISIF 2.0 in February 2019 to prioritise investments in support Project Ireland 2040. The five priorities of this refocused Investment Strategy are Regional Development, Housing, Indigenous Businesses, Climate Change and sectors adversely affected by Brexit.
More recently, following my review of potential supports for Ireland's economy during the COVID-19 pandemic, I asked ISIF to create a €2 billion sub-portfolio, known as the Pandemic Stabilisation and Recovery Fund, to focus on investment in medium and large scale enterprises in Ireland which were adversely affected by the pandemic.
