Michael McGrath (Cork South Central, Fianna Fail)
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53. To ask the Minister for Finance when the proposed strategic investment fund will be put on a statutory footing; the number of staff it will have; what its mandate will be; and if he will make a statement on the matter. [19874/14]

Michael Noonan (Limerick City, Fine Gael)
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The National Treasury Management Agency (Amendment) Bill 2014 will formally establish NewERA and the Ireland Strategic Investment Fund (ISIF) and will reform the governance of the National Treasury Management Agency (NTMA). Publication of the Bill is expected very shortly.

The legislation will re-orient the National Pensions Reserve Fund into the Ireland Strategic Investment Fund with a mandate to invest on a commercial basis in Ireland with a view to supporting economic activity and employment. As set out in the Medium-Term Economic Strategy, the establishment of NewERA and the ISIF will play a catalytic role in accelerating investment in strategic infrastructure and providing commercial financing and investment in areas that support economic growth and employment. The ISIF will have a dual objective both investment return and economic impact.

Staffing levels for the ISIF will be a matter for the Agency. However, I note that the Agency has recently advertised a number of posts in light of the establishment of the ISIF.