John Brady (Wicklow, Sinn Fein)
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682. To ask the Minister for Finance if the €24 million committed by the Ireland Strategic Investment Fund for a project (details supplied) has been transferred to the developer to date; the conditions that were placed on this transfer; and if he will make a statement on the matter. [42477/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The National Treasury Management Agency has informed me while the Ireland Strategic Investment Fund (ISIF) has committed to invest up to €24m in GMC to part fund the acquisition of the site and the development of a film studio, it should be noted this is the value of its commitment and does not represent the amount invested.

As ISIF’s investments in projects and businesses are often undertaken on a phased basis as a project progresses or as a business evolves, the commitment figure should not be seen as reflective of the amount that ISIF has actually invested to date. As set out in the latest NTMA Annual Report, the amount invested in Greystones is €1.83m.

As ISIF is a commercial investor it cannot disclose any non-public or commercially sensitive information related to its investment in the company.

Grace Boland (Dublin Fingal West, Fine Gael)
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683. To ask the Minister for Finance if he will provide an updated assessment of the sustainability of Ireland’s public finances in light of the ESRI’s warning from June this year; and if he will make a statement on the matter. [42590/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I welcome the publication of the ESRI’s Quarterly Economic Commentary published in June. I note, in particular, the Institute’s assessment regarding the potential vulnerability of the public finances, to which the Deputy refers. Such vulnerabilities were explicitly highlighted in the Summer Economic Statement (SES) which I published alongside Minister Chambers last week.

In terms of ensuring fiscal sustainability, monitoring and analysing public debt dynamics is an important line of defence. Accordingly, my Department publishes an assessment of public debt developments each year. I will shortly publish the ninth iteration of this annual report.

My Department will also, as always, prepare and publish a full set of macro-economic and fiscal forecasts in the Autumn alongside the Budget.

As set out in the Programme for Government and reiterated in the SES, the Government will target headline budgetary surpluses and continue to capitalise the Future Ireland Fund and the Infrastructure, Climate and Nature Fund to help mitigate the fiscal risks the ESRI have highlighted.

Grace Boland (Dublin Fingal West, Fine Gael)
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685. To ask the Minister for Finance to outline the governance and deployment criteria for the future Ireland fund; and if he will make a statement on the matter. [42592/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Future Ireland Fund (FIF) is one of two new long-term savings funds established by the Government last year, alongside the Infrastructure, Climate and Nature Fund (ICNF) (together collectively known as ‘the Funds’). The Funds seek to future proof the public finances and to deal with future challenges such as demography, de-carbonisation, digitisation and de-globalisation.

The operation of the FIF is set out in the Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024 (‘the Act’). Section 5 of the Act sets out that while the Minister for Finance retains ownership of the FIF, day to day operational and investment decisions are to be taken by the National Treasury Management Agency (NTMA). In particular, Section 6 and 7 of the Act discuss the obligations of the Agency with regard to the investment policy and investment strategy of the fund.

The process for transfers into the FIF is set out in legislation (Sections 8 and 9 of the Act). Between 2024 and 2035, subject to the results of an annual economic and fiscal assessment carried out by the Irish Fiscal Advisory Council and my Department, 0.8% of GDP shall be transferred to the fund in each year. There is provision for further allocations each year, as well as allocations after 2035, subject to agreement of the Government and approval of Dáil Éireann.

Withdrawal from the Future Ireland Fund is not permitted until 2041 at the earliest (Sections 11 of the Act). This is to ensure sufficient capital is built up within the fund from a combination of transfers into the fund from 2024 – 2035 and investment growth between 2024 – 2040.

From 2041 onwards, up to 3% of the Net Asset Value (NAV) of the fund may be drawn down each year to support State expenditure. In specific circumstances, where the cost of government borrowing over a rolling 10-year period, exceeds the returns generated by the FIF over the same period, drawdowns from the fund may be up to 5% of the NAV of the fund.