Pearse Doherty (Donegal South West, Sinn Fein)
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78. To ask the Minister for Finance when a strategic investment bank will be established; and if he will make a statement on the matter. [47858/13]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF). Using the Ireland Strategic Investment Fund, we will maximise our resources to enhance growth in the Irish economy and improve key infrastructure to maintain Ireland's attractiveness as a place to do business and to create employment.

Officials of my Department are currently preparing the necessary legislation which I anticipate will be enacted early next year. Already, in the lifetime of this Government, the NPRF has established funds that support both strategic projects and a number that support SME financing. Further assessment of the need to create a Strategic Investment Bank over and above the contribution expected from the ISIF will be informed by the requirements of the economy once the Government’s key immediate objectives for the repair of the banking system have been completed.