Thomas Pringle (Donegal, Independent)
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344. To ask the Minister for Finance the timeline of the ISIF investment strategy review planned for the second half of 2016; when the review will commence; and if he will make a statement on the matter. [26289/16]

Michael Noonan (Limerick City, Fine Gael)
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Given the new and unique mandate of the Ireland Strategic Investment Fund (ISIF) as a sovereign development fund, and because of the uncertainty regarding the investment opportunities in Ireland, it was agreed that a formal review of the ISIF investment strategy would take place after 18 months. This allows for a sufficient period of time having elapsed before considering the operations and impact of the Fund.

The ISIF's unique mandate refers to its double bottom line which comprises of investing: (i) on a commercial basis; and (ii) in a manner designed to support economic activity and employment in Ireland. In addition, at the time of publishing the investment strategy in July 2015, the full nature and size of the investment opportunity in Ireland were not known.

I am informed by ISIF that preparatory work in respect of the formal review of the ISIF investment strategy has commenced and the review is due to be completed by end-2016. The review will include an appraisal of the success of ISIF's mandate to date, and there will be interactions with both the Department of Finance and the Department of Public Expenditure and Reform as part of the review process.