Jack Chambers (Dublin West, Fianna Fail)
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92. To ask the Minister for Finance the role and function of the Ireland Strategic Investment Fund (ISIF); the way in which the ISIF met its stated function of achieving positive economic impact in addition to its investment returns, in 2016 and to date in 2017; the positive economic activity that is a direct result of the ISIF and would not have occurred otherwise; the co-investment partners the ISIF secured in 2016 and to date in 2017; his plans to change ISIF's mandate to allow it to invest in deadweight or displacement investments; and if he will make a statement on the matter. [53495/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Ireland Strategic Investment Fund (“ISIF”) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.  

All ISIF investments are considered in terms of their potential risk - adjusted commercial return prospects and the potential economic impact.  The Fund targets those areas for investment which have higher potential economic and employment impact, these will form the majority – approximately 80% - of the ISIF portfolio over time.  Some of the sectors with the lowest levels of deadweight and displacement and highest levels of additionality would be those involved in exports, manufacturing, and internationally-traded services.

Key figures from the ISIF’s most recent Economic Impact Report show that as at 31 December 2016:  

- approximately 22,000 jobs are supported directly and indirectly by ISIF investments

- 140 Irish companies and projects are benefitting from ISIF investments

Updated economic data as at 30 June 2017 will be published by the NTMA shortly.

The ISIF seeks co-investors, where possible, to ensure the commerciality of its investments and leverage the economic impact that can be obtained from ISIF resources.  As at 30 September 2017, the ISIF’s €3 bn has unlocked third party capital to generate an estimated total investment commitment of €8.4 bn in Ireland.

I continue to monitor and consider ISIF's future strategy, but have no plans to change ISIF's statutory mandate to sanction any actions that would allow it intentionally engage in deadweight or displacement investment.