Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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To ask the Minister for Finance the progress made on the Programme for Government Commitment to establish a Strategic Investment Bank. [14069/13]

Michael Noonan (Limerick City, Fine Gael)
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The establishment of the Strategic Investment Fund (SIF) was announced by the Government in September 2011. Resources from the National Pensions Reserve Fund (NPRF) will be channeled through the SIF towards productive investment on commercial terms in the Irish economy. The SIF will seek matching commercial investment from the private sector in order to maximise the resources of the NPRF. The immediate priority for the Government is to put NewERA on a statutory footing and reorient the NPRF into a Strategic Investment Fund which will make strategic investments to support economic activity, competitiveness and employment in Ireland. Officials of my Department are liaising with the National Treasury Management Agency, which is the Manager of the NPRF, in identifying and drafting the necessary legislation to achieve this objective.

Establishing a Strategic Investment Bank is a considerably more complex and time-consuming process than establishing the SIF. Given the need in the short term to enable the SIF make investments to support economic activity and employment in Ireland, the development of the SIF and drafting of necessary legislation is being prioritised.