Wednesday, 24 Feb 2021

Written Answers Nos. 173-195

Covid-19 Pandemic Supports

Ceisteanna (173)

John McGuinness

Ceist:

173. Deputy John McGuinness asked the Minister for Finance when a Covid restrictions support scheme application by a person (details supplied) will be paid. [9566/21]

Freagraí scríofa

Minister for Finance

The Covid Restrictions Support Scheme (CRSS) is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. Details of the CRSS are set out in Finance Act 2020 and operational guidelines are published on the Revenue website at link; https://www.revenue.ie/en/self-assessment-and-self-employment/crss/index.aspx.

I am advised by Revenue that all issues relating to the person’s entitlement to the CRSS have been resolved. The payments due to the person under the scheme have been processed and will be in the nominated bank account in the coming days.

Covid-19 Pandemic Supports

Ceisteanna (174)

John McGuinness

Ceist:

174. Deputy John McGuinness asked the Minister for Finance if the employment wage subsidy scheme payments due to a person (details supplied) will be paid shortly. [9570/21]

Freagraí scríofa

Minister for Finance

I am advised by Revenue that Employment Wage Subsidy Scheme (EWSS) payments are generally made to employer nominated back accounts within two working days of receipt of the relevant payroll submissions.

Revenue has also confirmed that the EWSS payments in question were paid to the person’s nominated bank account on 18 February 2021. Revenue contacted the person’s tax agent on 19 February confirming that the payment was made and that the technical issue that delayed the payment was fully resolved.

Mortgage Lending

Ceisteanna (175)

Bríd Smith

Ceist:

175. Deputy Bríd Smith asked the Minister for Finance the discussion he has had with banks and lending institutions on a moratorium for mortgage holders, and other borrowers, affected by the Covid-19 crisis; the details of the outcome of these meetings; and if he will make a statement on the matter. [9572/21]

Freagraí scríofa

Minister for Finance

I appreciate the stress and uncertainty that many borrowers are facing at this difficult time, and those borrowers who are experiencing difficulty in meeting their repayments will continue to need assistance and support from their lenders. In this regard it is the clear expectation of both the Government and the Central Bank that lenders engage effectively and sympathetically with distressed borrowers – in line with the Code of Conduct on Mortgage Arrears, the Consumer Protection Code and regulations for lenders lending to SMEs – to deliver appropriate and sustainable solutions and facilitate as many borrowers as possible to return to repaying their debt.

The Banking and Payments Federation of Ireland (BPFI) stated last month that its members are continuing to commit significant resources to support customers impacted by COVID-19, and in particular those who are affected by the latest restrictions. Through ongoing engagement with the BPFI and lenders, the Central Bank is working to ensure that borrowers affected by COVID-19 continue to be supported through this period of unprecedented stress.

Borrowers have a suite of regulatory protections, and lenders have specific obligations to support and work with borrowers who are continuing to experience loan difficulty because of COVID-19. Rather than continuing with a general 'one size fits all' forbearance approach, it is considered that it is in the best long term interests of both the borrower and lender that engagement takes place in relation to a particular loan difficulty and that the most appropriate solution to the individual case is adopted as soon as possible. The options could include additional flexibility, and this could be a short term arrangement such as additional periods without payments or interest-only repayments, or if appropriate more long term arrangements.

The Central Bank has indicated to lenders that they should ensure that they have sufficient expert resources to assess individual borrower circumstances, and to offer appropriate and sustainable solutions to affected borrowers in a timely manner in line with regulatory requirements and Central Bank expectations. The Central Bank has also confirmed that there is no regulatory impediment to lenders offering payment breaks to borrowers at this time, providing they are appropriate for the individual borrower circumstance.

I will continue to work with the Central Bank, as regulator, to ensure that the Central Bank consumer protection and other applicable frameworks will be fully available to all borrowers that will still need support.

Mortgage Lending

Ceisteanna (176, 177)

Bríd Smith

Ceist:

176. Deputy Bríd Smith asked the Minister for Finance if his attention has been drawn to the fact that banks and lending institutions may be penalising mortgage holders and other borrowers who avail of a moratorium in repayments specifically and that some are subsequently being refused access to certain services, are unable to change lender and are otherwise facing withdrawal of possible services as a result of the moratorium; and if he will make a statement on the matter. [9573/21]

Bríd Smith

Ceist:

177. Deputy Bríd Smith asked the Minister for Finance if he will arrange to meet urgently with banks and lenders that have operated a moratorium for mortgage holders and other borrowers who have been impacted by the Covid-19 crisis and urge them to ensure there is no subsequent discrimination against those who avail of the moratorium; and if he will make a statement on the matter. [9574/21]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 176 and 177 together.

It is the clear expectation of both the Government and the Central Bank that lenders engage effectively and sympathetically with distressed borrowers to deliver appropriate and sustainable solutions and treat borrowers at all times, including in response to COVID-19, in line with Central Bank’s robust consumer protection framework.

In relation to the refusal of certain services, it is unclear to which particular services the Deputy is referring. However, insofar as it applies to the provision of mortgage credit to consumers, it should be noted that there are a number of consumer protection regulatory requirements on regulated entities. The European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (CMCAR) provide that before concluding a mortgage credit agreement, a lender must make a thorough assessment of the consumer’s creditworthiness. The assessment must take appropriate account of factors relevant to verifying the prospect of the consumer being able to meet his or her obligations under the credit agreement. The CMCAR provide that a lender should only make credit available to a consumer where the result of the creditworthiness assessment indicates that the consumer’s obligations resulting from the credit agreement are likely to be met in the manner required under that agreement. The assessment of creditworthiness must be carried out on the basis of information on the consumer’s income and expenses and other financial and economic circumstances which is necessary, sufficient and proportionate.

In addition, the Central Bank's Consumer Protection Code 2012 imposes ‘Knowing the Consumer and Suitability' requirements on lenders. Under these requirements, lenders are required to assess affordability of credit and the suitability of a product or service based on the individual circumstances of each borrower. The Code specifies that the affordability assessment must include consideration of the information gathered on the borrower’s personal circumstances and financial situation.

Within this regulatory framework the decision to grant or refuse an individual application for credit is then a commercial decision to be made by the regulated entity. In the same way, the regulated entity will solely determine its own credit policies in line with its own risk appetite. Nevertheless, in considering applications for credit from consumers, the Central Bank has indicated that it expects lenders to assess credit applications in a sympathetic but prudent manner, ensuring at all times that the credit applicant has the means and ability to repay the proposed credit in line with the terms of the proposed credit contract. In this regard, whether an applicant for credit has had a payment break in the past should not in itself be decisive or determinative. Lenders should look at an applicant’s overall financial position, and satisfy themselves that the applicant has the means and ability to repay the proposed credit in line with the terms of the proposed credit contract.

However, If a bank customer is not satisfied with how a regulated firm is dealing with them in relation to the provision of credit or any other financial service, or they believe that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, they should make a complaint directly to the regulated firm. If they are not satisfied with the response from the regulated firm, they can refer the complaint to the Financial Services and Pensions Ombudsman.

Overall I expect regulated firms to take a consumer-focused approach and to act in their customers’ best interests at all times, including during the COVID-19 pandemic. I will also continue to work with the Central Bank, and indeed also maintain contact with the main lenders, to ensure that appropriate arrangements and supports will be available for borrowers and other financial customers who continue to be impacted by COVID-19.

Ministerial Advisers

Ceisteanna (178)

Seán Sherlock

Ceist:

178. Deputy Sean Sherlock asked the Minister for Finance the names and contact details for each special adviser requested for appointment by him, in tabular form. [9596/21]

Freagraí scríofa

Minister for Finance

I wish to inform the Deputy that on the commencement of every Dáil, the Department of Public Expenditure and Reform issues guidelines setting out the arrangements for the staffing of Ministerial Offices. The appointment of Special Advisers is subject to section 11 of the Public Service Management Act 1997.

The appointment of individual Special Advisers is a matter for each Government Minister subject to the terms set out in the aforementioned guidelines, although the appointments are also subject to formal Government approval.

Under S.I. No. 522 of 2020, I have re-engaged the two Special Advisers who worked with me during the 32nd Dáil and their contact details are as follows:

Name	Email	Tel
Ms. Deborah Sweeney	[e-mail]	[phone]
Mr. Edward Brophy	[e-mail]	[phone]

Minister for State at my Department Sean Fleming has appointed one Special Adviser:

Mr. Aidan O'Connor

Aidan.O'[e-mail]

[phone]

Departmental Staff

Ceisteanna (179)

Mary Lou McDonald

Ceist:

179. Deputy Mary Lou McDonald asked the Minister for Finance the number of staff employed in his Department, by gender and Civil Service salary scale, in tabular form. [9661/21]

Freagraí scríofa

Minister for Finance

I wish to advise the Deputy that there are multiple Civil Service pay scales and too many to provide in tabular form below. The current pay scales, effective since 1st October 2020, can be found at https://www.gov.ie/en/circular/39b2c-circular-12-2020-application-of-1st-of-october-2020-pay-adjustments/.

The table below details the headcount of grades by gender in my Department. It also provides the minimum and maximum salary values for each grade.

			Salary Scale	Range*
Grade	Male	Female	Minimum	Maximum	Frequency
Sec Gen	1	0	€190,568	€211,742	Annual
A/Sec	6	1	€135,299	€162,920	Annual
Director	1	0	€84,752	€117,352² plus Director's Allowance of €11,978	Annual
PO	17	9	€84,752	€117,352²	Annual
AP	48	34	€66,663	€93,800²	Annual
HEO	13	10	€47,447	€64,818	Annual
AO	44	37	€31,644	€64,818	Annual
EO	12	21	€29,428	€53,821	Annual
CO	14	35	€24,586	€41,433	Annual
Head Service Officer	1	0	€602.60	€766.02²	Weekly
Service Officers	12	1	€432.68	€621.36²	Weekly
Service Attendant	2	0	€432.68	€613.70²	Weekly
Civilian Drivers	4	0	€724.33	one point scale	Weekly
Total	175	148
Total Employed 16/02/2021	323

* Includes PPC, non-PPC, Standard Scale, and Higher Scale.

² After 6 years satisfactory service at the maximum.

Departmental Reviews

Ceisteanna (180)

Mary Lou McDonald

Ceist:

180. Deputy Mary Lou McDonald asked the Minister for Finance the current number of live studies, reviews and research undertaken or commissioned by him; and the date by which each study, review and research is scheduled to be completed, in tabular form. [9683/21]

Freagraí scríofa

Minister for Finance

I can advise the Deputy that my Department is currently carrying out the following live studies, reviews and research projects:

Live studies, reviews and research	Scheduled for completion
Review of Home Building Finance Ireland (HBFI) in line with Section 24(2) of the HBFI Act.	Q1 2021
Public consultation on the implementation of the Anti-Tax Avoidance Directive (ATAD) Interest Limitation rules	Q1 2021
Population ageing and the public finances 2021	Q2 2021
Research on the future of Economic and Monetary Union (EMU), particularly in the context of Covid-19	Q2 2021
Review of the policy framework for credit unions (PfG commitment)	H1 2021
Public consultation on Employment and Invest Incentive	Q3 2021
Review of the relief for certain start-up companies	Q3 2021
Review of the accelerated capital allowance scheme for gas vehicles and refuelling equipment	Q3 2021
Measuring the macro-economic effects of Multinational Enterprises (MNEs) in Ireland	Q4 2021
Corporation Tax Elasticities	Q4 2021
Assessing the potential impact of population ageing on the public finances	Q4 2021
Macro-economic effects of alternative capital buffer rules	Q4 2021
The role of firm dynamism in aggregate productivity growth	Q4 2021
Anticipation and response of Irish trade flows to Brexit	Q4 2021
Using macro-model scenarios to explore a range of potential recovery paths for the Irish economy: An update	Q4 2021
SME survival, recovery and investment following COVID-19	Q4 2021
Transition to a low carbon economy	Q4 2021
Review of Green Budgeting from a tax perspective	Q4 2021
Assessing corporation tax sustainability	Q4 2021
VAT Retail Export Scheme	Q4 2021
Review of age limits applicable to, and management of educational qualification requirements under, certain tax reliefs available to the agriculture sector	Q4 2021 in advance of Budget 2022 or Finance Bill 2021
Review of young trained farmer stamp duty relief (Section 81AA of Stamp Duties Consolidation Act 1999 which is due to lapse on 31/12/2021)	Q4 2021 in advance of Budget 2022 or Finance Bill 2021
Risk Assessment - Trust and Company Service Providers	H2 2021
Disabled Drivers and Passengers Scheme	H2 2021

Tax Yield

Ceisteanna (181, 182)

Carol Nolan

Ceist:

181. Deputy Carol Nolan asked the Minister for Finance if he will consider supporting the introduction of a windfall tax of 6% on the major tech organisations such as companies (details supplied) using the UK digital services tax model; and if he will make a statement on the matter. [9702/21]

Carol Nolan

Ceist:

182. Deputy Carol Nolan asked the Minister for Finance if his Department has carried out an analysis of the UK digital services tax model and its possible application in Ireland; if not, if his Department will do so; and if he will make a statement on the matter. [9703/21]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 181 and 182 together.

The digitalisation of the economy in recent years has brought changes to how business operates and pays tax internationally. Some countries have sought to address this by introducing unilateral domestic digital taxes.

It is my strong belief that addressing the tax challenges arising from digitalisation is a global problem which requires a global solution. That is why I fully support the OECD/G20 BEPS Inclusive Framework process where 139 jurisdictions are working together to find a sustainable solution to addressing the tax issues arising from the digitalisation of the economy. It is hoped that a comprehensive solution will be reached by mid-2021.

Many countries that have introduced digital services taxes domestically also support the OECD process and envisage repealing such domestic digital taxes once global agreement has been achieved.

We have also seen that the introduction of unilateral digital taxes has raised trade tensions globally. A sustainable and equitable global agreement which delivers tax certainty to business and governments is desirable as the world seeks to emerge from the COVID-19 pandemic.

Housing Issues

Ceisteanna (183)

Francis Noel Duffy

Ceist:

183. Deputy Francis Noel Duffy asked the Minister for Finance if his attention has been drawn to the purchase of properties by a foreign investment firm (details supplied); the tax rate investors will pay on rental income; the impact of block purchases by foreign investment firms on housing affordability; and if he will make a statement on the matter. [9740/21]

Freagraí scríofa

Minister for Finance

I would like to advise the Deputy that, as the Minister for Finance, I am not in a position to comment on the activities of specific taxpayers. I can however provide the following overview of the tax regime applicable to different types of collective investment in Irish property.

The normal tax treatment afforded to collective investment funds is that the monies invested are allowed to grow on a tax-free basis within the fund. The income is taxed at the level of the investor rather than the fund, as is standard international practice.

Investors in funds are generally subject to tax in their jurisdiction of residence. However investment in Irish property is an exception to this general tax treatment. Finance Act 2016 introduced the Irish Real Estate Fund (IREF) regime to address concerns regarding the use of collective investment vehicles by non-residents to minimise exposure to Irish tax on Irish property transactions.

An IREF is an investment undertaking where 25% or more of the value of that undertaking is made up of Irish real estate assets. Generally IREFs must deduct a 20% withholding tax on distributions to non-resident investors. Certain categories of investors such as pension funds, life assurance companies and other collective investment undertakings are generally exempt from the withholding tax provided the appropriate declarations are in place. Non-resident investors from treaty resident countries may be able to reclaim some part of IREF withholding tax if the relevant tax treaty allows for this. Irish resident investors may be subject to the investment undertakings exit tax, at a rate of 41%.

Investors can also invest in Irish property through a Real Estate Investment Trust (REIT). A REIT is a quoted company, used as a collective investment vehicle to hold rental property. The function of the REIT framework is not to provide an overall tax exemption but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment via a corporate vehicle. REITs are publicly listed companies - therefore distributions are dividends within the scope of Dividend Withholding Tax, which applies at a rate of 25%. REITs are obliged to distribute at least 85% of profits annually.

In the context of the wider residential housing market, institutional investors occupy a relatively small share of the market. Data provided by the Residential Tenancies Board in November 2020 reports that the majority (over 70%) of landlords registered a single rental tenancy, with over 96% of landlords registering 5 tenancies or less. Landlords with 5 tenancies or less account for almost 72% of all registered tenancies. Therefore, their impact on overall housing affordability, for tenants or owner-occupiers, may be limited.

However, institutional investment is an important factor in increasing the overall supply of property, particularly of urban apartments, through forward-funding of development. Increasing the supply of urban apartments is essential to reach the National Planning Framework targets and commitment to a more sustainable living generally.

In relation to affordability, the Programme for Government seeks to put affordability at the heart of the housing system with a commitment to prioritise the increased supply affordable homes and to ensure that local authorities are central to delivering housing, and progress a State-backed affordable home purchase scheme to promote home ownership. To this end the Cabinet recently published the Affordable Housing Bill 2020 which provides for a number of affordable purchase and cost rental schemes. In addition, progress is continuing for the establishment of the Land Development Agency on a statutory basis who will be tasked to work with Government Departments, local authorities, State agencies and other stakeholders to assemble strategic sites in urban areas and ensure the sustainable development of social and affordable homes for rent and purchase.

Question No. 184 answered with Question No. 158.

Question No. 185 answered with Question No. 157.

Question No. 186 answered with Question No. 165.

Question No. 187 answered with Question No. 157.

Tax Yield

Ceisteanna (188)

Martin Browne

Ceist:

188. Deputy Martin Browne asked the Minister for Finance the yield from the life assurance exit tax in 2019 and 2020; and the forecasted yield in 2021. [9775/21]

Freagraí scríofa

Minister for Finance

I am informed by the Revenue Commissioners that the yield from Life Assurance Exit Tax was €128 million in 2019 and the provisional yield for 2020 is €124 million.

The forecasts published by my Department as part of Budget 2021 forecast a yield of €125 million for Life Assurance Exit Tax in 2021. However, the Deputy should be aware that these forecasts were based on the now outdated assumptions of a ‘no trade deal’ Brexit and there being no widely available Covid-19 vaccine this year. My Department will update the full set of fiscal projections as part of the Stability Programme Update in April.

For ease of reference, I have provided the figures in tabular form below for the Deputy as well.

Year	Yield from Life Assurance Exit Tax
2019	€128 million
2020	€124 million (provisional figure)
2021	€125 million (forecast – to be updated in SPU April 2021)

Covid-19 Pandemic Supports

Ceisteanna (189, 196)

Denis Naughten

Ceist:

189. Deputy Denis Naughten asked the Minister for Finance the number of applications for assistance that were made under the Covid restrictions support scheme; the number that were refused; the number that were appealed; the number of these that were successful; and if he will make a statement on the matter. [9786/21]

Sorca Clarke

Ceist:

196. Deputy Sorca Clarke asked the Minister for Finance the number of licensed contractors who did not qualify for the Covid restrictions support scheme, by county. [9994/21]

Freagraí scríofa

Minister for Finance

I propose to take Questions Nos. 189 and 196 together.

I am advised by Revenue that 23,590 applications have been received to date under the Covid Restrictions Support Scheme (CRSS). Of these, 20,165 (85%) successfully registered for the scheme with €307 million paid out to date.

Of the remaining 3,425 applications, 449 cases are currently being processed, while 2,976 cases were initially deemed ineligible by Revenue and offered the opportunity to provide further supporting documentation in respect of their eligibility. 571 of these cases provided further information of which 55 cases were registered for the scheme, with 379 cases confirmed as ineligible. The remaining 137 cases are still under review.

The legislation underpinning the CRSS provides for an appeal to the independent Tax Appeals Commission (TAC) where a business disagrees with Revenue’s determination that it does not qualify for the scheme. The appeal must be lodged with the TAC within 30 days of Revenue’s determination. To date, two CRSS applicants have lodged appeals with the TAC, which have not yet been adjudicated on.

With regard to Deputy Clarke's question, PQ 196, I understand that deputy is referring to private licensed security contractors. I understand that Revenue have not yet been able to compile the information sought and I will revert to the Deputy when I have a further response from Revenue.

Covid-19 Pandemic Supports

Ceisteanna (190)

Denis Naughten

Ceist:

190. Deputy Denis Naughten asked the Minister for Finance the supports under the various Covid-19 schemes that are available for a business that traded under a tenant in 2019 and 2020 (details supplied); and if he will make a statement on the matter. [9787/21]

Freagraí scríofa

Minister for Finance

The CRSS is a targeted support for businesses significantly impacted by restrictions introduced by the Government under public health regulations to combat the effects of the Covid-19 pandemic. Details of CRSS are set out in Finance Act 2020 and detailed operational guidelines, which are based on the terms and conditions of the scheme as set out in the legislation, have been published on the Revenue website at: https://www.revenue.ie/en/corporate/press-office/budget-information/2021/crss-guidelines.pdf.

To qualify under the scheme, a business must carry on a trade or trading activities, the profits from which are chargeable to tax under Case I of Schedule D. The trade must be carried on from a business premises that is located in a region subject to restrictions introduced in line with the Government’s ‘Living with Covid-19 Plan’, with the result that the business is required to prohibit or considerably restrict customers from accessing its business premises.

A person whose business activity consists of the leasing of a business premises would not meet the eligibility criteria for support under the scheme because any profits derived from such a business activity would generally not be regarded as trading profits that are chargeable to tax under Case I of Schedule D.

In circumstances where, upon a tenant terminating a lease to a business premises, a person commences to carry on a trade in 2020 from the business premises concerned, the person would be regarded as carrying on a “new business” for the purposes of the CRSS. A new business is a business that was established between 26 December 2019 and 12 October 2020 and such a business could qualify for the scheme where it meets the eligibility criteria.

In the case of a new business, any potential claim under the CRSS would be based on the average weekly turnover of the business in the period between the date of commencement and 12 October 2020. Where, however, the business did not operate in 2020, and therefore did not have any turnover between 26 December 2019 and 12 October 2020, the business would not be entitled to any payments under the scheme. The new business cannot use the turnover of the previous tenant for 2019 and 2020 as a basis for registering and availing of the scheme.

The Government has put in place a comprehensive range of measures to support businesses and workers during the pandemic, including the Employment Wage Subsidy Scheme (EWSS), the Pandemic Unemployment Payment (PUP), the COVID-19 Restrictions Support Scheme (CRSS), warehousing of tax liabilities and the waiver of commercial rates. Details of the wide range of COVID-19 support schemes for businesses are available on the Department of Enterprise, Trade and Employment’s website at https://enterprise.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/.

Vehicle Registration Tax

Ceisteanna (191)

Darren O'Rourke

Ceist:

191. Deputy Darren O'Rourke asked the Minister for Finance the cost of VRT relief on electric cars in each year since it was introduced; and if he will make a statement on the matter. [9827/21]

Freagraí scríofa

Minister for Finance

I am advised by Revenue that the cost of Vehicle Registration Tax (VRT) relief on electric cars since its introduction is set out in the following table.

	Cost of relief €m
2006	0.003
2007	0.003
2008	0.02
2009	0.03
2010	0.2
2011	0.2
2012	0.6
2013	0.2
2014	1.0
2015	2.0
2016	2.1
2017	3.9
2018	7.9
2019	18.9
2020 (provisional)	21.2

Question No. 192 answered with Question No. 157.

Ireland Strategic Investment Fund

Ceisteanna (193)

Alan Farrell

Ceist:

193. Deputy Alan Farrell asked the Minister for Finance the details of funding provided to date under the Ireland Strategic Investment Fund; and if he will make a statement on the matter. [9890/21]

Freagraí scríofa

Minister for Finance

ISIF publishes bi-annual reporting which contains an update on the status of the operation of the Ireland Strategic Investment Fund, including economic impact reporting. The latest report available on the ISIF website at the following link: https://isif.ie/uploads/publications/FY-2020-Report-including-H12020-Economic-Impact-Report.pdf) sets out an overview of ISIF as at 31 December 2020, together with an economic impact report in respect of H1 2020:

- ISIF portfolio has generated in excess of €1.5 billion of value added, +3.1% pa, since inception;

- ISIF commitments totalling €5 billion across 143 investments has unlocked €8.6 billion of co-investment commitments since inception;

- Investments have continued to deliver strong economic performance, supporting ca. 30k jobs and generating in excess of €600 million of gross value add (GVA) geographically balanced in line with regional economic activity;

- In response to the COVID-19 pandemic, ISIF established a €2 billion Pandemic Stabilisation and Recovery Fund (PSRF) to invest in impacted Irish businesses;

- PSRF has invested in excess of €400 million nationwide across 20 investments spanning multiple sectors since inception; and

- ISIF investments continue to focus on supporting and scaling Irish businesses, investing in funds that diversify the funding landscape for Irish businesses, supporting key enabling investments, and recycling capital in order to maximise impact.

Questions Nos. 194 and 195 answered with Question No. 157.