Kevin Humphreys (Dublin South East, Labour)
Link to this: Individually | In context

Question 75: To ask the Minister for Public Expenditure and Reform the date on which he intends to introduce social impact bonds; if he has identified any specific areas in which these bonds could be used; if he will begin with some trial programmes; if he has identified any trial programmes; if he will provide a description of such; and if he will make a statement on the matter. [3945/12]

Kevin Humphreys (Dublin South East, Labour)
Link to this: Individually | In context

Question 108: To ask the Minister for Public Expenditure and Reform if he has held any discussions with interested bodies, either domestic or foreign, regarding the establishment of social impact bonds here; if he will provide the names of any such bodies; the nature of any discussions held; and if he will make a statement on the matter. [3944/12]

Brendan Howlin (Wexford, Labour)
Link to this: Individually | In context

I propose to take Questions Nos. 75 and 108 together.

The Government Programme for National Recovery 2011-2016 provides that the Government will establish a new model of financing social interventions called Social Impact Bonds that share audited Exchequer savings with charitable and voluntary organisations. My Department is considering how best to establish this new and innovative mechanism and will bring forward proposals in due course. An advisory group chaired by a recently retired Secretary General has been established to explore the potential for Social Impact Bonds and my Department is represented on this group.

A scoping exercise of the potential of Social Impact Bonds is being conducted on behalf of the advisory group by Clann Credo – the social investment fund in conjunction with Atlantic Philanthropies and the Centre for Effective Studies. This followed on a wide call to Government Departments, State Agencies and the community and voluntary sector for ideas that might be suitable for Social Impact Bonds.

Following on from these consultations, further work is progressing on the feasibility of a short listed number of areas which would be suitable to test the concept in an Irish context.

It is hoped to pilot at least one of these areas later this year and my department expects to receive a progress update on this short listing exercise from the advisory group shortly.