Pearse Doherty (Donegal, Sinn Fein)
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79. To ask the Minister for Finance the value of investments the Ireland Strategic Investment Fund has made in fossil fuel-related investments; and if he will make a statement on the matter. [17947/16]

Michael Noonan (Limerick City, Fine Gael)
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The Ireland Strategic Investment Fund (ISIF) informs me that its exposure to fossil fuel companies is in its global portfolio. The global portfolio is a transition portfolio the purpose of which is to manage the legacy assets inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF) as the Fund transitions fully into Irish assets. In keeping with the ISIF's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner designed to support economic activity and employment in Ireland, these legacy investments are being sold by ISIF over time to fund Irish investment commitments as they arise.

In the absence of a globally accepted definition and list of fossil fuel companies, a company by company analysis of the Fund's entire holdings would be necessary to determine the full exposure. A preliminary and unaudited value of the Fund's investment in the Oil, Gas and Consumable Fuels industry group, as defined by the leading equity index provided by MSCI Inc, indicates exposure of approximately €79m of equity, representing 1% of the Fund's investments as of 31 December 2015. However, the Fund is currently undergoing a significant reshaping of its Global portfolio and current exposure is significantly reduced - estimated to be approximately €50m via both equity and fixed income exposures.

Pearse Doherty (Donegal, Sinn Fein)
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80. To ask the Minister for Finance the value of investments the Ireland Strategic Investment Fund has made in companies involved in hydraulic fracturing here or elsewhere; and if he will make a statement on the matter. [17948/16]

Michael Noonan (Limerick City, Fine Gael)
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The Ireland Strategic Investment Fund's (ISIF) has some limited exposure to companies involved in hydraulic fracturing in its global portfolio. The global portfolio is a transition portfolio the purpose of which is to manage the legacy assets inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF) as the Fund transitions fully into Irish assets. In keeping with the ISIF's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner designed to support economic activity and employment in Ireland, these legacy investments are being sold by ISIF over time to fund Irish investment commitments as they arise. In the absence of a globally accepted methodology or definition of companies involved in hydraulic fracturing, a preliminary and unaudited estimation of the Fund's current exposure to these types of companies is approximately €8m. This represents 0.1% of the Fund's investments.