Dara Calleary (Mayo, Fianna Fail)
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114. To ask the Minister for Finance the amount that has been allocated and invested of the €7.5 billion in ISIF funding towards the capital plan; the projects funded for; the amount of investment per project; and if he will make a statement on the matter. [17356/17]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Ireland Strategic Investment Fund (ISIF) was established with a double-bottom line mandate to invest, on a commercial basis, to create employment and economic growth in Ireland. In accordance with this, ISIF's investment strategy and its activities are closely aligned with and support Government policy across a wide range of areas, including: housing, the agri-sector, communications and energy.

ISIF has already committed €2.7 billion and it acts as a catalyst for other investors to invest in Irish projects.  This includes a commitment of €361m to Infrastructure investment essential to the future competitiveness of the Irish economy. In addition, ISIF's ability to attract co-investment from the private sector means that €7 billion of total investment has been committed up to end December 2016.

Only a certain amount of any capital investment programme can be deliverable via either direct Government expenditure or traditional, proven sources of commercial investment such as PPPs. Therefore, in the course of implementing its investment strategy and conducting its activities, ISIF has been playing an important role, as both an investor and as a catalyst for private investment, in respect of the capital plan, Building on Recovery: Infrastructure and Capital Investment, 2016-2021.

As a public fund, it is important to the ISIF's success that the commercial investment decisions taken under its mandate are consistent with Government policy.  In this regard, ISIF's investment policy dovetails with Government policy while also, critically, maintaining the commercial mandate which is at ISIF's core.

ISIF has made a number of investments which support the objectives and principles of the Capital Plan, including investments in student accommodation, enabling infrastructure for residential development and innovative energy investments. There are strong two-way working relationships between ISIF and the relevant Government Departments and bodies, in order to ensure that ISIF investments are coherent, consistent and co-ordinated with Government policy. Some noteworthy outcomes arising from such engagement include:

- ISIF's investments under the Connectivity Fund, with a combined value of €57 million, in the areas of telecommunications connectivity with both our European and US neighbours, as well as in transport connectivity through investment in Dublin airport.

- Energy commitments of €44 million to the Dublin Waste to Energy project, €35 million to NTR's onshore wind fund and €76 million investment in Greencoat Renewables DAC.

- Commitments to housing investment of €325 million in Activate Capital, €25 million in the Ardstone Residential Partnership and €54 million in student accommodation in DCU.

- Cornerstone investor in the Irish Infrastructure Fund (IIF) managed by AMP Capital.

In this way, ISIF plays an important role as a key link between Government, semi-State bodies and the private sector. Such a strategic position is important for the continued investment in Ireland's infrastructure and, indeed our future economic growth and expansion.

As the Deputy may be aware, 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 is ongoing and is examining the performance and impact of ISIF.  The review includes an appraisal of the success of ISIF's mandate to end December 2016 and involves interactions with both my Department and the Department of Public Expenditure and Reform as part of the process. The review itself is due for completion shortly.