Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

76. To ask the Minister for Finance if the pandemic stabilisation and recovery fund is established and operational; if it requires primary legislation; if the fund is to be used as a last resort; the person or body that controls the fund; the person or body that makes the decision to invest; if this is reserved solely for the Ireland Strategic Investment Fund; if he has an input in this regard; and if he will make a statement on the matter. [10320/20]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Pandemic Stabilisation and Recovery Fund (the “PSRF”), is a €2 billion sub-portfolio within the Ireland Strategic Investment Fund (the “ISIF”). The ISIF is managed and controlled by the National Treasury Management Agency. The PSRF requires no primary legislation as it will operate under the existing ISIF statutory mandate (investing on a commercial basis in a manner designed to support economic activity and employment in the State) within the framework set out in the National Treasury Management Agency (Amendment) Act 2014. The ISIF are currently engaging with enterprises that are at various stages of exploring potential investment from the PSRF.

The initial focus of the PSRF will be on enterprises with over 250 employees or with an annual turnover of in excess of €50million, which have been materially impacted by the COVID-19 pandemic. Such enterprises must demonstrate that the enterprise was viable pre COVID-19, and that it is expected to return to viability and to contribute to the Irish economy. Further, it should also be clear that ISIF investment, either alone or with co-investment, will be critical to supporting the enterprise in its return to financial viability. ISIF’s normal investment criteria also apply, in particular appropriate commercial return and economic impact remain core to the ISIF mandate. Further details have been published by the ISIF on the operation of the PSRF, these can be found on the ISIF website at .