Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

The ISIF informs me that to date in 2016, Activate Capital has provided site and working capital finance for the delivery of more than 1,200 new homes. Activate Capital's pipeline for new home construction funding is strong, and the consistent feedback from developers and builders is that this specialist form of residential development lending is valuable in helping kick-start the housing market. By way of context, whereas the ISIF has provided financing to Activate Capital, it is a private commercial entity. The ISIF does not hold equity in it and nor does it involve itself in the management of the entity. Senators will of course be keenly aware that the ISIF cannot disclose any third party commercially sensitive information. As would be expected for projects of this nature, there is participation and equity upside if projects are successful, so the fund, and by extension taxpayers, share any gains alongside the project promoter.

I broadly accept the intention behind the recommendation and I will request the ISIF to produce a report on its investments to support the delivery of housing, including Activate Capital and other investments, within three months of the enactment of this Bill. Given this commitment, I ask that the recommendation be withdrawn. I hope Senators agree that an amendment of this type is not, strictly speaking, appropriate to the Finance Bill.