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THE IRISH GOVERNMENT has €300 million invested in Irish Water, or 21% of the money committed by the Irish Strategic Investment Fund (ISIF) to date.
The ISIF was established in December last year to earn a return for the State on commercial investments and is in the process of absorbing the assets of the former National Pensions Reserve Fund (NPRF).
Those assets were valued at €6.9 billion as at end March 2014.
Given the ISIF’s remit, the obvious conclusion is that Irish Water as a profit-making proposition is seen as a particularly viable one.
Speaking to TheJournal.ie a Department of Finance spokesperson said that all such investments ‘are made on a commercial basis, but you would have to contact the investors themselves [in this case the National Treasury Management Agency (NTMA)]‘.
It’s not like a grant system, the idea is to give some sort of commercial return. From that point of view a case can be made for any individual investment.
TheJournal.ie contacted the NTMA and were told by a spokesperson for the ISIF that the investment in Irish Water was a ‘bridging facility’ which was only approved following the provision of a guarantee by the Government.
In making this bridging facility available, the Fund recognised that as Irish Water had not been formally established, there was no clear view of revenue streams.
Therefore the Fund indicated that to provide Irish Water with a bridging facility, a government guarantee would be required.
Fianna Fáil finance spokesman Michael McGrath, who asked the Dáil question of Michael Noonan that led to the provision of the above figures last week, earlier spoke disparagingly of the ISIF investment in Irish Water.
“The fact that the Strategic Investment Fund is being used to prop up Irish Water financially is further evidence of the drain which Irish Water has become on the resources of the State,” McGrath told the Examiner.
It is diverting money away from potentially far more productive uses.
McGrath further claimed that the ISIF’s ‘painfully slow’ progress has thus far shown little evidence of any investment which would make a discernible difference in terms of jobs and growth.
The ISIF’s statutory mandate is to ‘invest on a commercial basis to support economic activity and employment in Ireland’ according to its website.
While the need for the State to provide for social welfare and public service pensions obligations had not abated, fostering economic activity and employment is currently a greater priority and this will in turn put the State in a better position to meet its pensions obligations in the longer term.
Just €1.4 billion, or 20% of the investment fund has currently been committed, while a mere €186 million (3% of the entire fund) has been invested in the last nine months.
Of that €186 million fully €50 million (27%) went to the controversial water utility.
According to the ISIF however the slow rate of investment seen will pick up as the fund ‘sells its investments outside Ireland to fund new Irish investment commitments consistent with its mandate’.
The ISIF currently has a pipeline of over 80 potential investment opportunities generated either from investment proposals received or its own leads.
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Trump gonna win bigly
Trump 2024
@Fintan Pox: ….and the rest of the world loses! Even the U.S. does, good luck with yer own war, we’ll be occupied by ours!
@Chutes: hi liz/ brendan/kevin…… NOBODY LOSES with peace & prosperity. MAGA TRUMP2024
@Ken Mc Carthy: Joe Biden will be voting for Donald Trump
Hufflepuff news did an article om cult leaders
https://www.huffpost.com/entry/cult-leaders-personality-traits-common_l_65c17191e4b0dbc806adcdba
It would be interesting to see one on cult followers.
In particular, why do some people *need* someone to look up to, someone to follow?
What is missing in their lives?
Why do think so little of themselves?
Why do they have such low self-esteem?
Trump is not the Messiah, he’s just a very naughty boy.
USA is a basket case.
@Ken Mc Carthy: Lies and you know it.
@willie tierney: Og course the “Ken Kc Carthy” account knows these to be lies.
That account is here to spread misinformation, to disrupt democracy.
I cant wait for Donald Trump to take over from Genocide Joe Biden.
Still no sign of Brendan/Kevin/Liz/Stephen, them results must have affected him badly and bigly lol
@Fintan Pox: ah jeez….. no need to go rubbing salt in the wounds….lol … sure was a BAD day in the office for the ‘ Kevin, liz, brendan, Stephen, chute’ trol yesterday, tail firmly wedged between legs!
@Ken Mc Carthy: “chute’ trol “? This aimed at me? Nice! I have time.
@Ken Mc Carthy: chutes is on here, aka Brendan/Kevin/Liz/Stephen lol
Go Trump, time to crush every beta male lo ser everywhere, easily offended lo s er s.
@Kerry Block layer: ‘Kerry Blockhead’ would have been a more suitable account name.
There’s never been a more easily offended loser than Trump.
@Brendan O’Brien: lol, you’d certainly be the ‘go to’ guy for advice on naming accounts!!! No idea how you monitor them all….. well done for not letting yesterdays landside victory ( for common sense) ‘throw’ you off the trolling train
@Ken Mc Carthy: You really are dim. You claim that I and ‘LIz Dunning’ are the same person, for example, when our opinions could not be more different on Israel/Palestine.
I have no need or use for more than one account.
@Ken Mc Carthy: @Ken Mc Carthy: Where does the article support the lies you tell?
Meanwhile Goofy Joe is back to his mental gaffes, the day after his Adderall wore off!
The Dems are drugging an old man on a desperate attempt to cling on to power.
Elder abuse is a crime
@Paul: what’s your take on his rival sexually abusing women?
@willie tierney: lol, just ( for once) READ the article before throwing in the biden.bot insults & lies….. it’s there in the article
@Ken Mc Carthy: Imagine coming out with the shyte you do on a daily basis.
@Ken Mc Carthy: you’re some muppet
@Ken Mc Carthy: Ah, you are clever enough (hahahaha) to attach all thes people to me, joking obviously, you’re clearly not a person who understands much.
There is a tendency in the circles you doubtlessly spin in to accuse others of doing what you yourself are doing by way off attack as deflection, is that what’s happening here?
@Ken Mc Carthy: Imagine spouting shyte all day! Oh, you don’t need to imagine! How do you keep it up, why are you so invested in your desired outcome?
@Chutes: hi liz/kevin/brendan/Stephen…. fairplay to ya for going trolling today– thought yesterday would’ve kicked legs from under ya, but you’re right…. get right back on the horse, lol
Screw Biden now also. Continual oversight of child massacres and his refusal to intervene or even withdraw military support, leaves him FIRMLY on the wrong side of GENOCIDE, right beside Netanyahu.
@Ken Mc Carthy: Hey there Ken, it’s Kevin one account Kerr here. It may surprise your thick head to know that I voted “no” in the care referendum. It didn’t go far enough for me, and I didn’t trust the state’s intention. I do however agree that we need to remove this sexist language from our constitution, but they need to do more work on the replacement wording. Similarly, I strongly believe that we need to recognise families that are not based on marriage, so they need to go away and work on the wording. The government fecked up royally
Trump all the way. The Trump Wow effect will win, War On Woke all the way. Next EU tariffs and trade wars, US multinationals pulling out of Ireland for tax.. It’s going to be a long long ride so buckle up!
It’s going to be sad days when an orange-faced dictatorship wins the election.
A zombie or a liar? What a choice for the American people
@Marc Power: A zombie?
I presume you are referring to Biden.
But you would only believe that if you buy into the narrative of the US media.
Which is billionaire and corporate owned.
Take a look at the achievements of the Biden administration – which the US media does not want to discuss, except to try to find fault – and decide for yourself.
Take a look at unedited* copies of the State of the Union address.
Do these think suggest anything other than Biden has a sharp incisive mind.
Even a simple thing such as how he deal with hecklers – like that low Klass MTG – shows both an alertness and quick intelligence.
Trump on the other hand has no redeeming qualities.
@Marc Power: and ireland?
Says alot about American politics when all they have are these 2
They can’t debate about anything 1 is too old the other is a spoilt child. It’s a disgrace just name calling like school kids. What is going on in the looney asylum of a country
have your say