Written answers

Friday, 16 September 2016

Department of Finance

Ireland Strategic Investment Fund Investments

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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207. To ask the Minister for Finance the steps he will take to ensure a more favourable deployment of Ireland Strategic Investment Fund, ISIF, capital supports across counties Donegal, Cavan and Monaghan thereby supporting a greater share of the jobs assisted across the State in these Border counties whose economies are already showing the adverse effects of the recent Brexit decision and where real fears abound regarding the future; the details of the ISIF benefiting companies in each of the counties in 2015; and if he will make a statement on the matter. [24374/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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Individual investment decisions by the Ireland Strategic Investment Fund (ISIF) are a matter for the Fund's Investment Committee in accordance with its statutory mandate, which is to invest on a commercial basis to support economic activity and employment in Ireland.

The legislation passed by the Oireachtas which established the ISIF, the NTMA (Amendment) Act 2014, does not include any regional allocation of investment but does require ISIF to include an assessment of its impact on economic activity and employment and the distribution of its investments on a regional basis in its reporting.

ISIF's most recent Economic Impact Report, which is available on the ISIF website, , covers the twelve months to end-December 2015. That Report contains national and regional level data on the Fund's investments and economic impact in 2015. It underlines on page 6 the regional spread of ISIF's investments, showing that 60% of jobs supported and 46% of capital invested are outside of Dublin. Approximately 3 to 4 per cent of investment and economic impact achieved to-date are in the three Ulster counties. County level information is not provided as the publication of such information could inadvertently result in the disclosure of commercially sensitive information relating to underlying investee companies.

I am advised by the NTMA that ISIF is keen to engage in discussion of any potential commercial investment opportunities, which meet its double bottom line mandate of commercial return and economic impact, across all parts of the country. In this regard, ISIF is currently engaged with a wide array of public and private sector entities throughout the country with a view to developing suitable investment opportunities and is very much open to further approaches.

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