Patrick Nulty (Dublin West, Labour)
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Question 95: To ask the Minister for Finance the steps taken to date in establishing a strategic investment bank, which was agreed in the Programme for Government. [36941/11]

Robert Dowds (Dublin Mid West, Labour)
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Question 99: To ask the Minister for Finance when the strategic development fund will come on stream; the functions of same; the amount of capital it will have at its disposal; and the persons or companies who are likely to benefit from same. [37029/11]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 95 and 99 together.

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.

In November 2011, the NPRF announced a significant commitment of €250 million to a new Irish infrastructure fund (the "Irish Infrastructure Trust"). This fund will seek to invest in assets designated for disposal by the Government and commercial State enterprises and also in new infrastructure projects in Ireland. The new fund, which will be an important source of new capital for infrastructure investment in Ireland, has been established by Irish Life Investment Managers while AMP Capital, a leading global infrastructure manager, will be the fund's discretionary investment manager. The fund is seeking commitments of up to €1 billion from institutional investors in Ireland and overseas and has already received commitments of €300 million, including the NPRF's €250 million.