National Treasury Management Agency (Amendment) Bill 2014 establishing the €6.8 billion Ireland Strategic Investment Fund

€6.8 billion Ireland Strategic Investment Fund (ISIF) is open for business and actively seeking commercial investment opportunities in Ireland.

€6.8 billion ISIF will make commercial investments that support economic activity and Job creation in Ireland.

The Government is committed to investing in Economic growth and job creation and enactment of this priority piece of legislation is expected before summer recess.

The National Treasury Management Agency (Amendment) Bill 2014 was published today (15th May 2014). This key piece of legislation, once enacted, will establish the €6.8 billion Ireland Strategic Investment Fund (ISIF) and will put NewEra on a statutory footing. This ISIF & NewEra are a central part of this Government’s strategy to maximise the impact from investment in economic growth and job creation.

This legislation, a key priority in the Programme for Government, will now commence its route through the Houses of the Oireachtas.
Welcoming the publication of the Bill, the Minister for Finance Michael Noonan stated: “The Ireland Strategic Investment Fund will have €6.8 billion in funding available for investment in the Irish economy. The ISIF is open for business and is exploring and making investments that meet its dual mandate of investment return and economic impact. I am confident that the legislation underpinning these important reforms will ensure that ISIF & NewEra operate to their maximum capacity, generating a return for this and future generations and most importantly driving economic growth and job creation in key sectors throughout the country.”

Minister Howlin also welcomed the decision to establish the ISIF and added, “The fact that NewERA is to be put on a statutory footing is most welcome. NewERA already manages the shareholder function in relation to ESB, Bord Gáis, EirGrid, Bord na Mona, and Coillte, providing specialist investment and financial advice to the shareholding Ministers on the corporate governance of these commercial State companies. Formalising this arrangement in legislation will copper fasten the progress that has been made to date in terms of reforming the manner in which Government manages its commercial State companies, while also facilitating the development by NewERA of proposals for investment in the economic sectors where they are active, to support economic activity and employment.”

The Minister also welcomed the fact that the Bill also establishes a Legal Costs Unit within the State Claims Agency to advise on costs awarded by the Mahon (planning matters) and Moriarty (payments to politicians) Tribunals to help minimise the State’s exposure and deliver significant savings to the exchequer.

Minister of State with responsibility for the NewERA project, Mr Fergus O’Dowd TD stated: “The establishment of NewERA on a statutory basis is an important element in the Government’s strategy to promote economic activity and employment. NewERA is charged with assisting in the development and implementation of Government plans for investment in key economic infrastructure in particular water, energy and next-generation telecommunications.”