Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

At the end of 2016, the fund's global portfolio was €6.65 billion. As such, that was money not invested in Ireland. While I know the intention is to wind that down over time and to invest the funds in line with ISIF's mandate, it is nevertheless a very substantial figure. When I look at the investments to date, some of them are very good. Some of them are quite niche in nature, however, and it is clear that more mainstream investments which can meet the terms of the commercial mandate should be explored. For example, is there more we can do in relation to investment in broadband through ISIF? There are many unbuilt roads nationally which we know are to be tolled. Would they meet the terms of the commercial mandate? Similarly, a certain amount of housing has been provided in partnership with funds. Should we be doing more in that area? Public transport passengers pay fares and, as such, investments in this area can be commercial if they are properly constituted. We should be doing more across all of those areas. Having €2.7 billion committed is not the same thing as having €2.7 billion invested, as the Minister knows.

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