Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

We need to recall we are in the unusual and fortunate fiscal position that the country is running a significant surplus this year, which is unusual when we compare ourselves to our closest neighbour and other European partners. It is because we are running a surplus that we are in a position to establish this fund. My understanding is that the purpose of the fund is so that in the future a significant sum of money will be available to the Government of Ireland to help the people of Ireland to deal with additional costs that will inevitably be incurred when we come to 2040.

On what Deputy Nash's amendment proposes, section 7(3) and (4) as already drafted provide:

(3) The Agency shall, in determining and reviewing the FI Fund investment strategy, consult with the Minister and the Minister for Public Expenditure, National Development Plan Delivery and Reform.

(4) The Minister shall, in formulating views for the purposes of subsection (3), consult with such other Minister of the Government as the Minister considers appropriate having regard to the functions of that other Minister.

There is a statutory mechanism in section 7 whereby the agency shall consult with the Ministers and Government. I presume that consultation would centre on necessities of investment in certain areas. However, I am conscious of what the Minister, Deputy Michael McGrath, said about ISIF and the NewERA fund where considerable funding is being invested at present, necessarily and as is required, in housing and other areas. If we are going to set up this fund, it should not simply replicate or be a continuation of other funds. The whole purpose of setting up a new fund pursuant to a different statutory regime is that this fund is intended to do something different. It does not mean it cannot or will not invest in the important areas of infrastructure Deputy Doherty referred to, such as housing and other infrastructure. However, we should not be too prescriptive in that respect. I would like to let the fund have a significant amount of leeway in investments, since its primary objective is to maximise the funds for the benefit of future generations.