Jennifer Whitmore (Wicklow, Social Democrats) | Oireachtas source

Yes. Perhaps one of the officials could answer that. The Comptroller and Auditor General expressed concerns in 2018 about the energy efficiency national fund. He said it was essentially an investor fund where the Department does not have control over investment decisions because it is only one of a number of investors. I checked online and I do not know if this is the correct fund. If I could have clarity on that, it would great. There is an Irish energy investment fund in which the Irish Government is an investor, as are property groups, Glen Dimplex, church bodies and pension groups. Essentially, this is a fund that has been set up to invest in energy efficient projects not only in Ireland but in the UK and Singapore. The Comptroller and Auditor General said that because the Department does not have control over the investment decisions, including the pace at which those investments are made, he would have concerns about it. He also had concerns about the significant professional services costs associated with it. I note from the Comptroller and Auditor General's report that the management fee was set at 1.25% of committed capital, which if we were to put €160 million into this fund would incur almost €8 million in fees. The Minister of State might clarify whether I am on the right track and if this is right fund. If it is, I would have serious concerns about the €160 million going into it.