Brendan Griffin (Kerry South, Fine Gael)
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Question 89: To ask the Minister for Finance the action he will take to secure sustainable access to capital that would enable a comprehensive stimulus package to be provided for the economy here; and if he will make a statement on the matter. [41282/11]

Michael Noonan (Limerick City, Fine Gael)
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I understand that the Deputy is referring to the possibility of securing private capital, both from home and abroad, to establish a fund which would help stimulate growth and provide jobs. One of the primary avenues the Government has used to explore such possibilities is through the Global Irish Economic Forum. The first Global Irish Economic Forum brought together 130 globally connected Irish business leaders to explore how the Irish at home and abroad, and those with a strong interest in Ireland, could work together and contribute to our economic recovery.

In early 2010, the Global Irish Network was launched and now comprises over 300 of the most influential Irish and Irish-connected individuals abroad. Members of the Network, who come from a diversity of fields and are based in almost 40 countries, provide Ireland with an invaluable resource of international expertise from which we can draw as we work towards economic recovery.

As the Deputy may be aware, the Government was determined that the Global Irish Economic Forum in 2011 would have concrete outcomes. I, along with the Taoiseach, Tánaiste and other Ministers participated fully in discussions. The report of the Forum confirms that there was an overwhelmingly positive response from Forum participants when requested to be part of the implementation of some of the initiatives identified at the forum. In particular, participants committed to providing internships for graduates in their companies, mentoring start-up companies, communicating positive messages about Ireland and using their influence to harness positive media coverage of Ireland, and participating in a financing project for Irish start-up companies. I am aware that the Department of Foreign Affairs & Trade is in contact with these participants to move this process along. An additional priority of this government has been to incentivise foreign-based entrepreneurs and venture capitalists to place their investments in Ireland. With this in mind, Budget 2012 included an extension of the three year tax Relief for start-up companies and enhancements to Ireland's attractive R&D tax credit regime.

Finally, as the Deputy may be aware, the establishment of NewERA and the Strategic Investment Fund within the National Treasury Management Agency (NTMA), which the Government announced last September, is a major initiative in this sphere.

The Strategic Investment Fund, 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.