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Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Bernard Durkan: ..., Climate and Nature Fund Bill 2024. On behalf of the committee, I welcome the Minister for Finance, Deputy Michael McGrath, and his officials to the meeting. Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official either by name or in such a way as to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: ...will continue to apply. ISIF comprises the discretionary portfolio, valued at some €8.7 billion, and the directed portfolio, valued at €6.3 billion. In June 2022, the revised ISIF impact strategy was launched with a focus on long-term transformational investments addressing key strategic challenges facing the country across four key investment themes of climate, housing and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Gerald Nash: ...very innovative proposition led by Louth County Council and property developers to develop infrastructure to enable 5,000 new homes to be built on the north side of my home town of Drogheda. That is a long-term investment that will have a positive social as well as economic benefits. Unfortunately, I had to step in to do the work the State ought to be doing in developing the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Michael McGrath: ...low-key inflation and lobbying. We are giving the NTMA the discretion to invest inside or outside the State. However, the key objective is that this fund will build a financial asset to generate long-term returns that will offset costs coming over the years ahead. Were we not to do that, these costs would have to be met from existing resources which would mean less money in the future...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2024: Committee Stage (1 May 2024)

Richard Boyd Barrett: As the Minister envisages it, how often would this investment strategy be reviewed, or how long would it be set for?