Written Answers Nos. 35-49
35. Deputy Michael McGrath asked the Minister for Finance his views on whether the taxation receipts for 2016 will be sufficient to fund the overall gross voted expenditure of €56.1 billion for 2016 projected in the Expenditure Report 2017; the level of receipts required for November and December; the consequences of any shortfall; and if he will make a statement on the matter. [33877/16]
Amharc ar fhreagraBudget 2016 forecast tax receipts for 2016 of €47.2 billion. As the tax revenue performance was strong at end-May, with receipts some €774 million above profile, and up €1,549 million in year on year terms forecast tax receipts for 2016 were increased by c. €900 million in the Summer Economic Statement to €48.1 billion. This forecast was not adjusted in Budget 2017, as taxes remain on track to meet this target.
The Expenditure Report 2017 forecasts a 2016 outturn of €51.9 billion for current spending and €4.2 billion for capital spending. This reflects the provision of an additional €850 million in resources compared to the Estimates published in December 2015.
The Summer Economic Statement and the Mid-Year Expenditure Report set out increases of an additional €500 million for the Department of Health to deal with spending pressures in relation to health and social care and €40 million for the Garda Vote to support an intensified police response to the recent spate of serious crime related violence in Dublin.
Subsequently, as part of Budget 2017, a further €310 million was included for 2016. This consists of €200 million of capital funding for necessary repair work to transport infrastructure arising from flood damage at the start of the year and capital payments for school building works. This was also signalled in the Mid-Year Expenditure Report. Separately, a further €110 million was provided to meet current expenditure demands.
With 10 months of the year gone, €36.7 billion has been collected in tax revenue, 1.7 per cent or €613 million ahead of the original target and up 4.7 per cent or €1,651 million on the same period last year. This leaves €11.4 billion, or almost one quarter of the annual tax target, to be collected during November and December this year. Almost two thirds of these receipts are due under the categories of corporation tax and income tax, both of which have demonstrated robust year-on-year growth in the first 10 months of this year.
The achievement of this target is necessary to fund overall gross voted expenditure of €56.1 billion in 2016. Any shortfall in tax revenue could jeopardise our 2016 general government deficit target of 0.9 per cent of GDP, which in turn would have implications for the structural deficit and the projected borrowings required to fund this increased expenditure.
36. Deputy Pearse Doherty asked the Minister for Finance his plans to modernise the consumer protection regulations and laws as they relate to financial products; and his views on whether the Central Bank is the appropriate body for this consumer protection role. [34031/16]
Amharc ar fhreagraMy Department continually keeps financial legislation under review to ensure consumers are protected. A number of other bodies also have a role in this area which ensures that a robust consumer protection framework for financial products and services is in place.
The Central Bank's mission statement is "safeguarding stability, protecting consumers". The Central Bank, in its Annual Report, Annual Performance Statement and Consumer Protection Outlook Report, sets out in a comprehensive how it delivers on its consumer protection mandate. The Central Bank has also reviewed and updated a number of its codes in this area including; the Code of Conduct on Mortgage Arrears, the Consumer Protection Code and the Code of Conduct for Business Lending to Small and Medium Enterprises, in order to ensure the consumer protection framework remains effective.
In addition, the Competition and Consumer Protection Commission (CCPC) has a broad mandate, with statutory responsibility for the enforcement of competition and consumer protection law. The CCPC also has a specific role under legislation to provide personal finance information and education to consumers.
Furthermore, the Financial Services Ombudsman's Bureau provides for independent, impartial investigation and resolution of disputes between consumers and financial service providers and the services of the Ombudsman are free to the complainant.
As the Deputy will be aware, the Consumer Protection Framework for consumers of financial services has undergone significant changes on both a domestic and European level over recent years.
By way of example, the Consumer Protection (Regulation of Credit Servicing Firms) Act, 2015 was enacted on 8 July 2015. It was introduced to fill the consumer protection gap where loans were sold by the original lender to an unregulated entity.
In the area of residential mortgages, the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (SI 142/16) have transposed the Mortgage Credit Directive into Irish law. This Directive provides that certain minimum consumer information and protection measures such as the provision of standardised pre-contractual information, common requirements for the calculation of the APRC, the requirement on a lender to conduct a credit worthiness assessment prior to offering mortgage credit are to apply across the EU.
In September of this year, the Payment Accounts Directive came into effect in Ireland. The Directive introduces new rules in relation to transparency and the comparability of fees connected to payment accounts, switching from one payment account provider to another and accessing payment accounts.
Furthermore, changes in this area continue to take place. For example, the Payment Services Directive 2 (PSD2) is due to be transposed by January 2018. PSD2 aims to further develop the aims of the first Payment Services Directive (PSD1) by regulating new market players, enhancing consumer protection and ensuring competition within the industry whilst maintaining a level playing field, and harmonising the regulations across Europe.
37. Deputy Joan Burton asked the Minister for Finance the discussions his Department has had with the European Investment Bank, EIB, and other Departments to establish an off-balance sheet special purpose vehicle to draw down funding from the EIB to facilitate large scale mixed social and private residential development; and if he will make a statement on the matter. [33940/16]
Amharc ar fhreagraAs set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance. The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.
ISIF and the wider NTMA is examining the feasibility of establishing a new funding vehicle, in conjunction with the private sector, that is capable of funding the delivery of new mixed-tenure residential developments. Whilst a major objective of any such funding vehicle is to leverage additionality in terms of social housing supply, it is envisaged that a substantial portion of the overall supply of new units may need to be for private housing to meet the commerciality test and to satisfy the requirements of an off-balance sheet investment model.
It should be noted that several proposals from private sector residential investors and developers have not proven to be either commercial or likely to pass the requirements for an off-balance sheet model. As outlined in Rebuilding Ireland, the ISIF and the wider NTMA has identified that such a funding vehicle has the potential to provide some 5,000 additional units over a five-year period for social housing and could also play an important role in activating residential construction for the broader build to rent sector.
There is ongoing engagement on the ISIF supported Housing Fund set out in Rebuilding Ireland, involving input from a wide array of actors, including my Department, ISIF/NTMA, the Department of Housing, Planning, Community and Local Government, CSO/Eurostat, the European Investment Bank and other actors. To date, there have been a series of meetings between these actors at which useful clarifications were received from CSO/Eurostat and the European Investment Bank.
These meetings have allowed for detailed work to begin on the design of a funding vehicle. The actual establishment, management and operations of such a funding vehicle will require significant time, investment and engagement from a wide array of stakeholders in the public and private sectors and will only be possible if the challenges of establishing commerciality and off-balance sheet treatment can be satisfactorily met.
38. Deputy Joan Burton asked the Minister for Finance if his Department has had discussions with the Central Bank regarding mortgage deposit requirements for prospective first-time buyers seeking to purchase their home who cannot save a sufficient deposit due to rising residential rent costs; and if he will make a statement on the matter. [33937/16]
Amharc ar fhreagraAs the Deputy is aware, the Central Bank, which has an independent mandate to preserve and protect financial stability, introduced mortgage lending regulations to increase the resilience of the banking and household sectors to the property market and to reduce the risk of bank credit and house price spirals from developing in the future. The current regulations, which were introduced in February 2015, provide for certain loan to value (LTV) and loan to income (LTI) restrictions on residential mortgage lending by Central Bank regulated institutions.
Last June, the Central Bank initiated a review of these macro prudential measures and to assist the process it launched a call for evidence based submissions. My Department contributed to this process and its submission is available on the Department's website at the following link: www.finance.gov.ie/what-we-do/banking-financial-services/consultations/departments-submission-central-banks-review-0. In summary, the Department's submission recognises the overall importance of macro prudential controls on the extension of credit for housing purposes but it also suggested that it would be appropriate at this time to make some adjustment to the existing measures to have regard to, in particular, the position of first time buyers; for example, it asks the Central Bank to consider the adoption of a "capacity to pay" test (e.g. the payment capacity of potential purchasers based on rent paid over a five year period to be off set against the current deposit rules), an increase in the allowance for lending for primary dwelling mortgages in excess of the LTV and LTI caps to 20% and 25% respectively and that the first time buyer LTV limit of 90 per cent be applicable to the first €320,000 value of a property (compared to the current limit of €220,000). It is expected that the Central Bank will shortly report on the outcome of its review.
Separately, as the Deputy will be aware, the Government also provided for a "Help to Buy" scheme in the recent Budget and this was discussed with the Central Bank to ensure that the rebate under the scheme would qualify in meeting the deposit requirement for first time buyers under the Central Bank's macro-prudential rules.
39. Deputy Thomas Byrne asked the Minister for Finance his plans to deal with the problem of variable mortgage interest rates; and if he will make a statement on the matter. [34055/16]
Amharc ar fhreagraThe issue of standard variable mortgage rates is a significant one for this Government and it has made it clear that it is not acceptable for lenders to charge excessive rates on such mortgages. The Programme for a Partnership Government, therefore, set out a number of practical measures which can be taken to improve the position of variable rate mortgage holders.
Firstly, it wishes to promote competition in the supply of mortgage finance. To that end, the Government has asked the Competition and Consumer Protection Commission to work with the Central Bank to set out options for Government in terms of market structure, legislation and regulation to lower the cost of secured mortgage lending and to improve the degree of competition and consumer protection. The transposition of the Mortgage Credit Directive, which is intended to develop a more pan European mortgage market consistent with a high level of consumer protection, into Irish law earlier this year should also support this process over the medium term.
Secondly, the Government considers that measures to encourage and promote a greater level of switching in the mortgage market would also help boost the level of competition in the market for existing mortgages. In particular, the Programme for Government considers that the development of a code of conduct for switching mortgage provider would be a useful and practical initiative which would have the potential to deliver savings to many existing mortgage holders. As the Deputy will be aware, research carried out by the Central Bank last year indicated that a significant number of borrowers could make savings by switching mortgages. In order to promote the option of switching mortgages, I have asked the Central Bank to consider and formulate a code in this area.
It should be recognised, however, that the residential mortgage market now has a certain diversity and that, in addition to the standard variable rate mortgage product, a range of different mortgage products are now also available to consumer borrowers including fixed rate mortgages, loan to value managed variable rate products, trackers and restructured mortgages of various types. Also, there is now evidence to suggest that competitive pressures are having some impact in the market with lenders bringing forward new mortgage offerings and rates. In overall terms, recent Central Bank data indicates that the standard variable rate on new lending for primary home mortgages stood at 3.6% in the second quarter of 2016, down from 4.13% in the same period in 2015.
The Government is of the opinion that real competition among lenders is the best way to ensure that retail lending rates are reduced in a sustainable way for the market as a whole but without giving rise to potentially undesirable consequences for new mortgage lending. However, this is a policy area that the Government will keep under active review in its ongoing engagement with mortgage lenders and in implementing the Programme for Government.
40. Deputy Michael McGrath asked the Minister for Finance his views on the European Commission's revised proposals for a common consolidated corporate tax base; and if he will make a statement on the matter. [33880/16]
Amharc ar fhreagraThe European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed. The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning. The proposal is likely to be subject to substantial changes as these discussions progress.
The common base proposal is intended to provide a single agreed set of rules for how a company calculates its taxable profits in each Member State. It would require Member States to agree what type of income is taxable, what expenses are tax deductible and what corporation tax incentives are available
The new common base would be mandatory for companies with a worldwide group turnover of over €750 million. Member States would keep their existing tax bases for smaller companies. Under the consolidation element of the proposal a corporate group's profits within the EU would be added together and divided up among all EU countries based on a formula which looks at the location of sales, assets and staff.
Ireland and other Member States will need to analyse the proposal in detail and consider its potential impact on national tax systems. We will engage constructively in these discussions while critically analysing whether the proposal is in line with our long-term interests.
As always, tax remains a matter of Member State competence and unanimity is required before any proposal can be agreed.
41. Deputy Gino Kenny asked the Minister for Finance his views on the closure by a bank (details supplied) of the accounts of the Ireland Palestine Support Campaign, IPSC, and in particular the potential risk claimed by the bank despite the ISPC's exemplary banking record; and if he will make a statement on the matter. [31556/16]
Amharc ar fhreagraAs the Deputy may be aware, in my role as Minister for Finance I have no direct function in the relationship between banks and their customers. Decisions taken by Bank of Ireland in this regard, and the manner in which it conducts its day-to-day operations, are a matter for the board and management of the bank. Notwithstanding the fact that the State is a minority shareholder in Bank of Ireland, I must ensure that the bank is run on a commercial, cost effective and independent basis to protect the value of the bank as an asset to the State. A Relationship Framework has been specified that defines the nature of the relationship between the Minister for Finance and Bank of Ireland. This Framework was published on 30 March 2012 and can be found on the Department's website at:
http://finance.gov.ie/sites/default/files/Bank-of-Ireland1_0.pdf.
Accordingly, it is not appropriate for me to intervene in any way in this matter.
In correspondence I have seen from the IPSC, I note that the organisation was preparing a complaint to the Financial Services Ombudsman. This is the appropriate action for the IPSC to take to ensure it has been treated fairly in this case.
43. Deputy Pearse Doherty asked the Minister for Finance his views on the EU Commission’s proposed common consolidated corporate tax base; and if he will make a statement on the matter. [34033/16]
Amharc ar fhreagraThe European Commission's recently published proposal for a common consolidated corporate tax base is both complex and detailed. The proposal was drafted by the Commission and discussions by Member States on the proposal are just beginning. The proposal is likely to be subject to substantial changes as these discussions progress.
The common base proposal is intended to provide a single agreed set of rules for how a company calculates its taxable profits in each Member State. It would require Member States to agree what type of income is taxable, what expenses are tax deductible and what corporation tax incentives are available
The new common base would be mandatory for companies with a worldwide group turnover of over €750 million. Member States would keep their existing tax bases for smaller companies. Under the consolidation element of the proposal a corporate group's profits within the EU would be added together and divided up among all EU countries based on a formula which looks at the location of sales, assets and staff.
Ireland and other Member States will need to analyse the proposal in detail and consider its potential impact on national tax systems. We will engage constructively in these discussions while critically analysing whether the proposal is in line with our long-term interests.
As always, tax remains a matter of Member State competence and unanimity is required before any proposal can be agreed.
44. Deputy Gino Kenny asked the Minister for Finance the total level of capital allowances claimed by aircraft leasing firms for each of the years 2011 to 2015; the total tax paid by leasing companies that have benefitted from a 12.5% tax rate; and if he will make a statement on the matter. [34044/16]
Amharc ar fhreagraI am informed by Revenue that the number of companies and the total Corporation Tax, Value Added Tax (VAT) and Income Tax payments by the aircraft leasing industry for the years requested are as shown in the first table.
The second table shows the total trading capital allowances claimed, but not necessarily all used in the year, on the Corporation Tax returns filed for each tax year. The capital allowances claimed by these companies for 2015 are not shown as the returns for that year have only recently been filed and have not yet been analysed.
I am advised that the figures are based on the industry description (NACE code) assigned to businesses on the Revenue taxpayer register. I am further advised that the amounts of VAT paid (or repaid) cannot be separated out to identify the amounts paid at different rates.
|
Year |
Companies |
VAT* |
Employers PAYE Tax paid |
Income Tax paid |
Corporation Tax paid |
Capital Gains Tax paid |
Total Tax |
|
Number |
€m |
€m |
€m |
€m |
€m |
€m |
|
|
2011 |
1,580 |
-19 |
30 |
0 |
20 |
0 |
31 |
|
2012 |
1,754 |
-21 |
36 |
0 |
36 |
0 |
51 |
|
2013 |
2,021 |
-17 |
51 |
0 |
29 |
0 |
63 |
|
2014 |
2,284 |
-15 |
55 |
0 |
23 |
0 |
63 |
|
2015 (provisional) |
2,597 |
-26 |
77 |
0 |
34 |
0 |
85 |
*The Aircraft Leasing Sector is in a net repayment position in respect of VAT for each year.
|
Total Capital Allowances Claimed |
|
|
Year |
€ billion |
|
2011 |
6.9 |
|
2012 |
8.4 |
|
2013 |
9.1 |
|
2014 |
11.2 |
|
2015 |
Not Yet Available |
45. Deputy Bríd Smith asked the Minister for Finance the number of companies that have benefitted from a VAT rate of 13.5% for short term hiring of certain means of transport including aircraft for each of the years from 2011 to 2015; the amount of VAT that was foregone for each of the years 2011 to 2015; and if he will make a statement on the matter. [34046/16]
Amharc ar fhreagra52. Deputy Bríd Smith asked the Minister for Finance the number of aircraft leasing companies that have benefitted from 0% VAT as a result of leasing to qualifying international airlines; and if he will make a statement on the matter. [34045/16]
Amharc ar fhreagraI propose to take Questions Nos. 45 and 52 together.
I am advised by the Revenue Commissioners that as of September 2016, 2,660 companies were assigned to the primary industry description (NACE code) of renting and leasing of air transport equipment. There are two reasons why aircraft leasing companies might not pay Irish VAT on their leasing activity:
(1) the lease is with an international airline and therefore qualifies for the zero rate of VAT, or
(2) the lease is with a business customer outside Ireland. Under the normal VAT place of supply rules for cross border services the place of supply is regarded as the country in which the customer is established. The lease payments are not subject to VAT in Ireland. If the customer is established in another EU Member State the VAT position will be determined by reference to the law in that country. If the customer is established outside the EU the lease payments are outside the scope of VAT.
The number of companies and VAT payments by the aircraft leasing industry for the years requested are as shown in the following table. I am advised that the figures are based on the industry description (NACE code) assigned to businesses on the Revenue taxpayer register.
The statistics in the VAT column of the table are net figures for all VAT paid and repaid to the aircraft leasing industry. The figures are negative as the aircraft leasing sector is generally in a net repayment position in respect of VAT for each year. This is because, as VAT registered businesses, they are entitled to claim VAT on their inputs, but would not generally charge VAT on their outputs as the majority of their supplies are made to customers outside the State and, therefore, are not subject to Irish VAT.
With regard to the number of companies that benefit from the 13.5% VAT rate that applies to short term hiring of transport, including aircraft, and the VAT foregone on not charging the 23% standard VAT rate to these services, this information is not available. Information on the number of aircraft leasing companies that have benefitted from 0% VAT as a result of leasing to international airlines is also not available. In relation to the VAT foregone on new means of transport, I would point out that the 13.5% reduced VAT rate charged on the hire of new means of transport is only of benefit to businesses supplying hire of transport within the State, such as businesses hiring cars. As aircraft businesses for the most part make supplies to customers outside the State, the 13.5% VAT rate is not of benefit to them.
|
Year |
Companies |
VAT |
|
Number |
€m |
|
|
2011 |
1,580 |
-19 |
|
2012 |
1,754 |
-21 |
|
2013 |
2,021 |
-17 |
|
2014 |
2,284 |
-15 |
|
2015 (provisional) |
2,597 |
-26 |
47. Deputy John Curran asked the Minister for Finance the progress being made with the National Treasuries Management Agency as outlined in action 2.4 of Rebuilding Ireland, to establish a funding vehicle capable of facilitating off-balance sheet investment in delivering social and private housing; and if he will make a statement on the matter. [34034/16]
Amharc ar fhreagraAs set out in Rebuilding Ireland, the Government has been exploring potential mechanisms to facilitate investment in social housing that do not impact on the General Government Balance. The objective is to create 'off-balance' mechanisms that bring investment into social housing which is additional to funding being provided directly by the State.
ISIF and the wider NTMA is examining the feasibility of establishing a new funding vehicle, in conjunction with the private sector, that is capable of funding the delivery of new mixed-tenure residential developments. Whilst a major objective of any such funding vehicle is to leverage additionality in terms of social housing supply, it is envisaged that a substantial portion of the overall supply of new units may need to be for private housing to meet the commerciality test and to satisfy the requirements of an off-balance sheet investment model.
It should be noted that several proposals from private sector residential investors and developers have not proven to be either commercial or likely to pass the requirements for an off-balance sheet model. As outlined in Rebuilding Ireland, the ISIF and the wider NTMA has identified that such a funding vehicle has the potential to provide some 5,000 additional units over a five-year period for social housing and could also play an important role in activating residential construction for the broader build to rent sector.
There is ongoing engagement on the ISIF supported Housing Fund set out in Rebuilding Ireland, involving input from a wide array of actors, including my Department, ISIF/NTMA, the Department of Housing, Planning, Community and Local Government, CSO/Eurostat, the European Investment Bank and other actors. To date, there have been a series of meetings between these actors at which useful clarifications were received from CSO/Eurostat and the European Investment Bank.
These meetings have allowed for detailed work to begin on the design of a funding vehicle. The actual establishment, management and operations of such a funding vehicle will require significant time, investment and engagement from a wide array of stakeholders in the public and private sectors and will only be possible if the challenges of establishing commerciality and off-balance sheet treatment can be satisfactorily met.
48. Deputy Paul Murphy asked the Minister for Finance his views on block sales of NAMA rented residential properties being advertised (details supplied) for sale on the basis of the potential for very large rent increases, in view of the scale of the housing crisis and the likelihood rent increases on this scale could effectively lead to mass evictions of tenants; and if he will make a statement on the matter. [34040/16]
Amharc ar fhreagraNAMA does not own, manage or sell properties. The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners.
The property referred to in the newspaper article referenced by the Deputy is under the management of a Statutory Receiver. The Receiver is managing the sale of the property in accordance with NAMA's guidelines on open marketing and his own statutory and fiduciary obligations to maximise the sales price achieved for the property. The Statutory Receiver appointed the sales agent and, in conjunction with the sales agent, determined the marketing strategy for the property. It is standard market practice for a seller to include information on current and future potential rental levels.
In its capacity as a secured lender, it is NAMA's policy that, where possible, borrowers and receivers should avoid seeking vacant possession of residential property in advance of asset sales in order to minimise disruption to people living in these homes. Tenants of such properties continue to have the benefit of existing lease terms and of the statutory protections in place in the residential rental market.
Ultimately, decisions about the timing and strategy of any sale are a matter for the NAMA Board in accordance with its statutory independent commercial mandate.
In terms of the wider market issues raised by the Deputy, I would point out that NAMA is making, on a commercial basis, a very substantial contribution to the increased supply of new homes through its residential delivery programme. As the Deputy will be aware, NAMA has outlined that a key commercial objective is to facilitate the funding of 20,000 new residential units, mainly in the greater Dublin area, by the end of 2020 and it is making substantial progress towards achieving this target. NAMA has also delivered 2,300 residential units for social housing purposes to local authorities and Approved Housing Bodies thereby making a significant contribution.
49. Deputy Thomas P. Broughan asked the Minister for Finance if he will report on the review of the Ireland Strategic Investment Fund, which was due to take place in the second half of 2016, in particular with regard to fossil fuel divestment; and if he will make a statement on the matter. [33974/16]
Amharc ar fhreagraI refer the Deputy to my replies to recent Parliamentary Questions on this matter, specifically 29899 from Deputy Thomas Pringle, 30222 from Deputy Clare Daly and 31232 from Deputy Róisín Shortall. I am informed by the Ireland Strategic Investment Fund (ISIF) that its shareholdings with fossil fuel exposure includes certain investments inherited from its predecessor the National Pension Reserve Fund (NPRF).
These shareholdings are in companies based outside Ireland and, as such, are held in ISIF's global portfolio. The global portfolio has been restructured and is being sold over time to fund Irish investment commitments as they arise, in keeping with ISIF's mandate to invest, on a commercial basis to support economic activity and employment, in Ireland. ISIF's total equity holdings in the Energy sector are valued at €11 million (0.14% of ISIF's assets under management). ISIF has also invested in circa. €97 million of short term fixed income investments in energy corporations, representing just over 1% of ISIF's assets.
Such investments should be considered in the context of ISIF's Irish portfolio and its significant commitment to renewables. ISIF's investment strategy is aligned with Government policy and the State's commitment to make the transition to a low carbon, climate resilient and sustainable economy. ISIF recently published its Sustainability and Responsible Investment Policy and this emphasises climate change as part of the integration of Environmental, Social and Governance (ESG) into its investment decision making.
Many major funds internationally have made significant divestments from fossil fuels such as coal, while other such funds have adopted an approach of engagement with energy companies to establish their strategy and positioning for the transition to a low carbon economy. ISIF continually reviews its carbon exposure and the investment case for companies that may not be aligned with the long term transition to a low-carbon economy.
The National Treasury Management Agency (Amendment) Act 2014, which established ISIF on a statutory basis provides that ISIF shall review its investment strategy after 18 months of operation and that in reviewing its investment strategy shall consult with the Minister for Finance and the Minister for Public Expenditure and Reform. I am advised by ISIF that this review will be completed during the 4th quarter of 2016.
