I can advise the Deputy that I have been informed by the National Treasury Management Agency that the Annual Report and Audited Accounts of the Agency will be provided to me by end-June and it is intended that these would be published in July.
Subsequent to the Annual Report and Audited Accounts being provided to me, I will bring these reports to Government and, consequent to Government approval, they will then be laid before the Houses of the Oireachtas. This is in accordance with sections 12 and 13 of the National Treasury Management Agency Act 1990, as amended, which prescribe the reporting relationship between the NTMA and the Minister for Finance, the Government and the Houses of the Oireachtas.
As mentioned by the Deputy, a review of the strategy of the Ireland Strategic Investment Fund (ISIF) will take place in the second half of 2016. This is scheduled to take place after the first 18 months of the Fund's operations have elapsed. The Fund was established under the NTMA (Amendment) Act 2014, which was enacted in December of that year. A decision to conduct a review of the Fund's strategy after 18 months was based on its unique mandate as a sovereign development fund. This unique mandate refers to its double bottom line which comprises of investing: (i) on a commercial basis; and (ii) in a manner designed to support economic activity and employment in Ireland.
At this point the Fund has been established for just under 18 months with its first investment strategy having been published in July 2015. It is timely that a review of the Fund's investment strategy be conducted during the second half of 2016 as this ensures that a sufficient period of time has elapsed in order consider the operations and impact of the Fund.
The NTMA (Amendment) Act 2014 provides that ownership of the Fund vests with the Minister for Finance. It also provides that the Fund shall, in reviewing its investment strategy, consult the Minister for Finance and the Minister for Public Expenditure and Reform. The review of the ISIF will be conducted in accordance with these provisions. In addition, the legislation provides that the Minister for Finance may consult with other Government Ministers as appropriate. As the review will not be conducted for some time yet, the exact details of the process and timelines of the review have yet to be considered fully. It is envisaged that the review will involve close consultation between ISIF and my Department, as well as the Department of Public Expenditure & Reform, and any other Department as considered appropriate. However, the exact details of the review in terms of the stakeholders to be consulted have yet to be considered and decisions on these issues will be taken in the lead up to the review's commencement in the second half of 2016.
