Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Ireland Strategic Investment Fund is playing a role in supporting all types of companies throughout the country. As the Senator knows, one of the Ireland Strategic Investment Fund's goals is to provide funding to our pillar banks, which, in turn, allows those banks to lend money at a lower rate than would otherwise be the case. It does all of that in any event.

The most recent credit report made available by John Trethowan, who runs the office that looks after this, shows that, by and large, companies applying for credit from our banking system receive a satisfactory engagement with the banking system. However, the demand for credit has decreased in recent quarters.

The Ireland Strategic Investment Fund provided financing to Activate Capital, a private commercial entity. We do not hold equity in Activate Capital and we are not involved in the management of it. At any rate, I could not provide information to the Senator about a commercially-sensitive transaction that would take place with another company. In turn, Activate Capital provided credit to Cairn Homes which facilitated the latter in proceeding with the purchase of land on which, I believe, will 400 homes will be built. As Minister for Finance, the last thing I want to see is taxpayers taking equity stakes in developers. We will not go down the path of being involved in co-funding commercial activity on behalf of construction companies, big or small.