Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

We should give credit where credit is due. It is a very recently established fund, having been set up in 2014. By the end of 2016, an investment of €7 billion in total had been committed. That is the direct investment and the funds triggered by it. It is a significant chunk of money. When one compares it to the overall capital programme, €7 billion is a significant investment. As it moves on from successful investment to successful investment, the fund will attract more co-investors and the scope of investment in the kinds of projects denominated by Deputy McGrath will come into play. The fund is currently investing in housing and construction, SME credit, venture capital and equity funds, connectivity, renewable energy, water provision, forestry and agriculture. As such, ISIF has a significant portfolio. While there is always a concern to ensure that sufficient investment takes place, that is matched by a concern to ensure that scarce money is not wasted on bad investments. While there is a pool of over €6 billion available, ISIF is prudent and exercises, as it must, the double mandate.

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