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• €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. This key piece of legislation will establish the €6.8 billion Ireland Strategic Investment Fund and will put NewEra on a statutory footing. The ISIF & NewEra are a central part of the Government’s strategy to maximise the impact from investment in economic growth and job creation.

Welcoming the publication of the Bill, Finance Minister Michael Noonan said:

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 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.

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