Thursday, 20 June 2013

Ceisteanna (70)

Michael McGrath

Ceist:

70. Deputy Michael McGrath asked the Minister for Finance the way he will ensure that rigorous costs benefit analysis is applied to investments undertaken by the new Ireland Strategic Investment Fund; when he expects the fund to be fully established; and if he will make a statement on the matter. [29806/13]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

As announced last week, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF) and whose resources will be channelled towards productive investment on commercial terms in the Irish economy. It is envisaged that decisions on the investment of the assets of the ISIF will be based on an investment strategy, consistent with Government policy objectives, which will address the sectors and range of assets to be considered for investment.

It is envisaged that the ISIF will seek to leverage and maximise its resources by attracting private sector co-investment. I am conscious that it is important that a level of independence is maintained in order to attract that private sector co-investment. To do this, the fund will need to demonstrate clearly that it acts on a commercial basis, so that the very fact that it is prepared to finance a proposal will reassure other potential investors that the project is sound. Officials of my Department are currently preparing the necessary legislation which I hope to see enacted this year.