Jack Chambers (Dublin West, Fianna Fail)
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8. To ask the Minister for Finance how much of the announced Ireland Strategic Investment Fund's €500 million home building finance joint venture with an investment firm (details supplied) has been drawn down as at 31 March 2016; how many housing units will be constructed as a result of the drawdown to date; the average interest rate which applies to the loans drawn down to date; the interest rate that will apply to future drawdowns; when the funding will be drawn down; and if he will make a statement on the matter. [8588/16]

Michael Noonan (Limerick City, Fine Gael)
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In 2016, Activate has thus far provided site and working capital finance for the delivery of over 800 new homes.  Activate's pipeline for new home construction funding is strong. The consistent feedback from developers and builders is that this specialist form of residential development lending is needed to kick start the housing market.

In terms of drawdown profiles, as well as the value and pricing of specific loans, this is commercially sensitive information and not for disclosure.  However we can confirm that the interest rate for each project will reflect the level of risk taken on by Activate.  The Activate base lending rate is in the order of 10% approximately. As would be expected for projects of this nature, there is participation in equity upside if projects are successful so that the fund, and by extension taxpayers, share in any gains alongside the project promoter.