Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Yes, the Irish Infrastructure Fund. One would almost think it was a State organisation with that name they put on it, which is confusing. I see in public documentation that the Irish Infrastructure Fund has regularly stated that it is a State-backed investment. I took this to mean that the State had a shareholding. I thought that our correspondence from the committee was to know what percentage of the shares are held by the Ireland Strategic Investment Fund in the Irish Infrastructure Fund. They have come back to say that the Irish Infrastructure Fund has a number of investors, one of which is the Ireland Strategic Investment Fund. When I read "State-backed" and "investor" I took it to be a percentage of ownership. Now it appears that the investor in this case really only has a financial interest in the outcome of the investments. Using the words "State-backed" and "investor" I was under the impression that the State had a shareholding in it. This committee wanted to establish the amount of that shareholding. Now it is said that it is just a joint venture to the extent that the Ireland Strategic Investment Fund has put in €250 million, the others have put in €250 million and they hope to benefit. It is, therefore, more of a joint venture than an investment or a shareholding.