Simon Harris (Wicklow, Fine Gael) | Oireachtas source

Senator Hayden raises many important issues in respect of which I concur with her. I would argue that we have other structures in place to address some of the needs that exist. We need to continue to enhance those structures and ensure they are working. I refer, for example, to local enterprise offices and the Enterprise Ireland support for high-potential start-ups, which is helping many young people establish their own businesses.

I am very pleased to see the ISIF becoming involved in the provision of venture capital. In one of the areas for which I have responsibility, namely, the international financial services sector, I am encountering the kinds of people described by the Senator - young individuals who are developing new applications and innovative technologies and who require funding. It is not necessarily the traditional bank loan that the Strategic Banking Corporation of Ireland or some other entity can provide, it is actually venture capital that is needed by those to whom I refer. By way of illustration of asset location across industry sectors, the ISIF indicates that when it is fully deployed, it can look at the area of a very substantial investment in the whole area of venture capital. This is currently an area in which we are lagging behind other jurisdictions.

The Senator referred to lowering the bar. It is a view that many of us would instinctively share. We all want to see this money put to use to help as many people as possible. However in wanting this money to be additional to what Government can spend on-balance sheet, we must keep it off-balance sheet. This means the ISIF has the balancing job of constantly ensuring the fund will remain a commercial proposition that will not be included on the Government's balance sheet.

I know the Senator has a particular interest and expertise in area of social housing and social housing provision. The ISIF is already getting involved in this area. The Government's Social Housing Strategy 2020 sets out ambitious social housing delivery targets and references the ISIF as a potential source of capital for the sector. The ISIF has established the activate capital lending platform and is projecting the building of 11,000 additional houses in Ireland during the next decade, which would equate to the creation of an additional supply of 11,000 Part V social housing units. I would argue that there is social good that can be done and many would agree that the best way to ensure social good and social dignity is to ensure people have an opportunity to get a job. I am encouraged by the fact that we have already seen 8,362 jobs directly supported by ISIF investments.

The Senator is correct that many more people have engaged with the ISIF than have completed investments. I will inquire with the ISIF about this matter and the fund may revert to the committee about it in the future. The figures may relate to the fact that it is a new structure. There are a lot of new funding structures, such as local enterprise offices, the Ireland Strategic Investment Fund and the Strategic Banking Corporation of Ireland, in place. Many people are making contact initially to find out what is the best vehicle for them, but I will certainly probe that figure in more detail for Senator Hayden.