Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

The amendment relates to the functions of NewERA; the ISIF is dealt with in a different section. We spoke on Second Stage about the role of the ISIF, what it could do and how it might become involved in the provision of social housing. The key point is that any investment by the investment fund must be commercial - in other words, the expenditure it makes cannot go on the State balance sheet. Any investment must be commercial and create jobs.

As to when the ISIF will be in a position to report on its investments, I am not quite sure, but I assume it will do so as quickly as possible. Issues regarding the provision of social housing are of critical concern to Members on all sides of the House. I received a letter yesterday informing me that seven or eight people in my constituency who had been on the housing list for eight years had finally been allocated homes. It is a very long time to be waiting.