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

I move amendment No. 43:

In page 44, line 16, to delete "under subsection (1)" and substitute "(except under subsection (4))".

Section 47 provides that the agency shall make payments from the ISIF to the Exchequer as the Minister directs following consultation with the agency. There will be no payment before 2025, but this does not apply to the proceeds from the disposal of directed investments where the Minister may direct that the proceeds are paid over to the Exchequer. Other than in the case of the proceeds of directed investment, the total annual payment must not exceed 4% of the value of the assets of the fund, excluding the directed investments. This proposed drafting amendment is to make clear that the total annual payment which the Minister may request is limited to 4% of the assets of the fund, excluding the directed investments.
I also want to flag to the committee that the Minister for Finance is considering a number of Report Stage amendments on directions given by the Minister to the agency on the Ireland Strategic Investment Fund.