Michael McGrath (Cork South Central, Fianna Fail)
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33. To ask the Minister for Finance if he is satisfied with the mandate of the Ireland Strategic Investment Fund; if he would like to see greater investments being made; his plans to introduce changes to the fund; and if he will make a statement on the matter. [27550/16]

Michael Noonan (Limerick City, Fine Gael)
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The Ireland Strategic Investment Fund (ISIF) was established in December 2014. Given ISIF's new and unique mandate 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 was to allow for a sufficient period of time having elapsed before considering the operations and impact of the Fund.

The investment strategy review will play an important role in examining the performance and impact of ISIF.  The review includes an appraisal of the success of ISIF's mandate to date and will involve interactions with both my Department and the Department of Public Expenditure and Reform as part of the review process. The NTMA (ISIF) inform me that preparatory work in respect of the review has commenced and the review itself is due for completion by year end. 

I am sure the Deputy shares my view that ISIF's 'double bottom line' mandate - to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland represents a unique strategic opportunity for the Ireland.  That mandate is designed to ensure that ISIF's investment generates a return, attracts investors and recycles funds.  Whilst not wanting in any way to pre-empt the review that is currently underway, I am greatly encouraged by the quality and impact on the Irish economy of it's investments. ISIF has built up momentum already, including through its future pipeline. 

ISIF has already committed €2.4 billion and it acts as a catalyst for other investors to invest in Irish projects. It's ability to attract co-investment from the private sector means that €5.8 bn of total investment has been committed to date. 

It is apparent from the investments already in the public domain that, as envisaged at inception, ISIF is utilising its unique investment characteristics scale, long-term perspective and flexibility - to target high economic value investment in Ireland in a way that other funds cannot. This, along with the fact that the proceeds of ISIF investment unlike State spending can be recycled again and again to support future economic activity in Ireland, illustrates the potential that the ISIF model offers, and which ISIF is currently delivering on.