Gerald Nash (Louth, Labour) | Oireachtas source

I thank the Minister for his response. I would argue that the way in which I drafted my amendment, amendment No. 2, is broad enough not to necessarily tie any future Government’s hands on what it specifically ought to do in terms of functions with regard to a sector of the economy and the development of proposals for investment in a sector in order to support economic activity and employment. We know what the NTMA is required to do. We are all aware of its legislative obligations, we read its annual reports and we meet its representatives regularly in various committees and other contexts. Similarly, we are extremely familiar with the operation of the Irish Strategic Investment Fund, what it is required to do and the good work it does in this country in investing in our economy. There was an example recently where ISIF invested in a very innovative proposition led by Louth County Council and property developers to develop infrastructure to enable 5,000 new homes to be built on the north side of my home town of Drogheda. That is a long-term investment that will have a positive social as well as economic benefits. Unfortunately, I had to step in to do the work the State ought to be doing in developing the infrastructure required to allow homes to be built. Nevertheless, we got there in the end. Ultimately, we got there in the end by using taxpayers’ money but in another way, through ISIF and a long-term investment through a special-purpose vehicle specifically set up to deliver that infrastructure for additional housing.

I argue that my amendment is broad enough while, at the same time, explicit in directing the agency to have regard to the economic affairs of the country into the future. I think it is useful to place that obligation, if we can call it as such, in primary legislation as much as we can.