Dáil Éireann Debate, Thursday - 16 June 2016
105. Deputy Niall Collins asked the Minister for Finance the process regarding reports that an organisation (details supplied) received a loan from the Irish Strategic Investment Fund in November 2015, whose subsidiary was previously involved in transactions relating to the closure of a company in June 2015; and if he will make a statement on the matter. [16543/16]
Amharc ar fhreagraThe NTMA informs me that the Ireland Strategic Investment Fund (ISIF) did not participate in the financing of the Clerys department store transaction.
In November 2015, some five months after the closure of Clerys department store, the ISIF announced that it and institutional clients of Quadrant, a US-based real estate investment manager, had committed up to €100 million to finance high-quality office development and construction projects in Ireland. This investment aims to accelerate the delivery of urgently required prime office space, thereby improving the attractiveness of Ireland to potential foreign direct investment (FDI).
The ISIF was and remains satisfied that Quadrant is a reputable investment manager, acting in a fiduciary capacity, with a strong track record. ISIF has built into its investment management contract with Quadrant strong protections against any involvement of ISIF in events similar to those referred to in recent media reports regarding the Clerys transaction.
In its role as a lender to the developers, Quadrant acts in a purely financing capacity and does not have day-to-day involvement in the projects that it finances.
