Dominic Hannigan (Meath East, Labour)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance if he will provide an update on the Strategic Investment Fund; when it will become available; and if he will make a statement on the matter. [6862/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In announcing the Strategic Investment Fund initiative in September 2011, the Government indicated a refocusing of the investments of the National Pensions Reserve Fund (NPRF) towards productive investment in sectors of strategic importance to the Irish economy.

A key principle of the Strategic Investment Fund is that the NPRF investment, which is to be solely on a commercial basis, will seek matching investment from third-party investors. In this way the Fund’s assets can be used as a catalyst to attract additional capital for investment in the Irish economy.

Officials of my Department are liaising with the National Treasury Management Agency in preparing proposals for legislation to refocus the NPRF on investment in Ireland under the Strategic Investment Fund initiative. I expect to bring forward those proposals as soon as possible once that work is completed.

The NPRF continues to work on assembling and developing a pipeline of additional commercial opportunities for the Strategic Investment Fund, which is taking place in parallel with the legislative amendment process. A business plan is being developed which will address the sectors and range of assets to be considered for investment.

Within its existing statutory investment policy and in line with the SIF announcement, the NPRF has undertaken a number of investments and initiatives under which NPRF capital will be invested on a commercial basis in Ireland. The NPRF has committed to invest in: infrastructure (€250 million), PPP projects (€118 million) and finance for the SME sector (€500 million) and has entered into a collaborative relationship with Silicon Valley Bank. In addition, the Fund has been working closely with NewERA in respect of potential investment opportunities relating to the commercial semi-state sector.