Gerald Nash (Louth, Labour) | Oireachtas source

I understand when the witnesses say they are circumscribed in terms any elaboration they can provide the committee in respect of departmental thinking on what ultimately might be the framework in developing an initiative such as this, because the policy decision ultimately has not been taken.

The summer economic statement published yesterday gives us some insight into the evolution of the Department’s thinking and, therefore, the Minister’s thinking on the design of a fund or an innovation like this, which, broadly speaking, in principle, is to be welcomed. How it is shaped over the coming period will be interesting. We all intend to input into that. From the details provided and the commentary provided by the Minister yesterday, it seems that, essentially, there appears to be at least three pillars in terms of how corporation tax windfall surpluses, if I can describe them as such, will be used. Even though, like Deputy Durkan, I would quibble and query the definition of “windfall” being applied to it, given that it has assumed - I will not say a permanency - but it has become consistent feature of the system in recent years and appears likely to continue to be a feature of the system into the next few years. That being said, we need to be prudent and responsible because of the risks associated with it.

It is fair to say, at least from the Minister’s perspective, this seems to be moving towards a fund that will address, as he said yesterday, age-related spending. It will provide a resource as well. The €2.25 billion capital commitment was crystallised yesterday. It will be a capital support programme of some description. In addition, another function of the surplus will be to pay down debt. We can all identify a range of other calls that may be placed on those resources over the next period. That will be a matter for the political system to work out, with the witnesses’ advice.

I have a couple of questions. The Ireland Strategic Investment Fund has worked reasonably well. It was established in 2014. What seems to be unclear from the commentary on what we do with the additional resources available to us is the function of the fund. Does Mr. Leahy anticipate that the Ireland Strategic Investment Fund will continue to operate on the same basis it has operated on since 2014 or will it be folded into this new process? What is the thinking on that?