Kathryn Reilly (Sinn Fein) | Oireachtas source

I wish the Minister of State well in his post over the coming years.

Sinn Féin will support the Bill. However, it would be remiss of me not to mention some of our concerns with it, which were raised during its passage through the Dáil. Today, the Seanad discussed the strategic banking corporation of Ireland, SBCI, and how it might play a stimulus role. Likewise, this Bill has the potential to move towards that model. It is regrettable that the NTMA's mandate to invest in the real economy is so narrow. The conditions attached to any investment are restrictive and undermine much of its potential. It is disappointing that the social and environmental outcomes do not count for more in how the fund can be used. Sinn Féin has always argued that the NPRF should be used to provoke stimulus in our stagnant economy.

I will address a number of negative points. The Minister of State has probably anticipated that I will mention the legal promotion of NewERA. The purpose of NewERA is to facilitate the sale of State assets, but we oppose the sale of profitable or strategically important assets. It is noteworthy that the Bill does not compel the Minister to get the permission of the Oireachtas before selling assets.

I am trying to be brief, as much of what I want to discuss has already been debated. We object to the narrow focus allowed to the investment committee when deciding where to invest. As Senator Byrne and others mentioned, there should be a wider remit so that priorities such as housing programmes might be included.

It is also of concern that the one instance in which the Minister can give a straight direction to the fund is in the bailing out of banks and financial institutions. This provision is contained in section 42 and was debated in the Dáil, but a satisfactory reason was not given for its inclusion.

Although we have some concerns with the legislation, we want it to progress. We all have the same goal - to stimulate the economy, help people return to work and encourage the creation of SMEs, which will employ people. I look forward to working with the Minister of State in the coming period.