Dáil Éireann Debate, Wednesday - 6 June 2012
103 Deputy Michael McGrath asked the Minister for Finance the amount of money that has been invested to date in the strategic investment fund by the Government and by ways of commercial investment by private investors; the amount of money he plans to invest in the funds; the details of the investments made by the fund to date; and if he will make a statement on the matter. [27202/12]
Amharc ar fhreagraThe Government announced the establishment of the Strategic Investment Fund (SIF) in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy.
I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund, that the NPRF announced in November 2011 a commitment of €250 million to a new Irish infrastructure investment fund which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects. Marketing of this fund in Ireland by Irish Life Investment Managers and abroad by AMP Capital commenced in the first quarter of 2012. Normally the period from commencement of marketing of an investment fund targeting illiquid assets to closure of financial commitments by investors in such a fund can extend up to one year.
I am also informed that the NPRF has in addition committed, subject to certain pre-conditions, €450 million to finance the national roll-out of domestic water meters.
Further involvement of the NPRF in the SIF is expected to require the amendment of the investment policy of the NPRF, which is set out in the National Pensions Reserve Fund Act 2000. Officials of my Department are liaising with the National Treasury Management Agency, which is the Manager of the NPRF, in identifying and drafting the necessary amendments to the legislation and I expect to bring forward proposals for amending legislation as soon as possible once that work is completed.
