Peadar Tóibín (Meath West, Sinn Fein)
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Question 93: To ask the Minister for Finance when the proposed State investment fund or bank, as per the programme for Government, will be established. [28874/11]

Michael Noonan (Limerick City, Fine Gael)
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Following a decision by the Government, I, along with my colleagues Mr Brendan Howlin, TD, Minister for Public Expenditure and Reform, and Mr Fergus O'Dowd, TD, Minister of State for NewERA, announced on Thursday, 29 September, the establishment of NewERA and the Strategic Investment Fund under the National Treasury Management Agency (NTMA). The Strategic Investment Fund, which will be the forerunner of the Strategic Investment Bank, will, following appropriate legislative changes to the investment policy of the National Pensions Reserve Fund (NPRF), channel commercial investment from the NPRF towards productive investment in the Irish economy. As well as money from the NPRF, the Fund will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy. It will comprise a series of sub-funds targeted at commercial investment in critical areas of the Irish economy, including infrastructure, venture capital and provision of long-term capital for SMEs. The NPRF will take a lead role in the development and implementation of each sub-fund.