Brendan Howlin (Wexford, Labour)
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92. To ask the Minister for Finance if agreements have been reached on the European Fund for Strategic Investments. [1990/17]

Michael Noonan (Limerick City, Fine Gael)
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I can inform the Deputy that, following several months of negotiations between the Member States with input from both the European Commission and the European Investment Bank, an agreement was reached at the European Council on 12th December 2016 on Council's position regarding the extension of the European Fund for Strategic Investments (EFSI). 

The agreement reached was on the September 2016 Commission proposal to extend EFSI both in terms of duration, by an additional two years to 2020; and in size, from €315 billion to €500 billion. Agreement was also reached on certain enhancements to the European Investment Advisory Hub (EIAH), which along with EFSI is a pillar of the EU's response to the Investment crisis.

Ireland has been a consistent supporter of the European Union's efforts in response to the crisis in investment of which EFSI has been an important element since its establishment in 2015 as part of the broader Investment Plan for Europe. Ireland's support has been based on a view of EFSI as being a potentially useful aid to Member States in funding projects that might not otherwise happen. 

Led by the Department of Finance, Ireland engaged closely in the recent  EFSI extension negotiations. Priorities central to this engagement focused on enhancements that might increase EFSI's geographic balance amongst Member States, its additionality in terms of funding projects that would not otherwise happen, as well as its impact on the real economy given the importance of our SME sector generally and the challenge posed to our economy generally by Brexit.

Following the agreement amongst Council at the December European Council, the EFSI extension proposal negotiation will now continue with the European Parliament under the Maltese Presidency. The intention ultimately is to reach an agreement with the European Parliament during the first half of 2017, if possible.