Paschal Donohoe

There we go.

There we go. When did I make reference to Anglo Irish Bank?

This has become a very familiar tactic of Deputy Doherty's over many years. He asked me a question about AIB and Bank of Ireland-----

-----and I answered the question about AIB and Bank of Ireland. The Deputy then plucked the huge loss of taxpayers' money in relation to Anglo Irish Bank, which this question is not about.

What the Deputy is doing-----

-----is putting forward an argument that does not make sense.

The Deputy tends to be quite hazy on the issue-----

-----of how companies are owned.

I know that and he knows that. I have answered the question.

As I said, I do not play a role in determining the investment decisions that ISIF makes. They are made independent of me and this decision was made by ISIF in the way I have just explained to the Deputy.

I have responsibility for setting the general direction that is given to ISIF. However, I do not play a role in determining the individual bonds and shares that ISIF holds. All the Deputies know that. I do not play a role. I do not direct or communicate to ISIF and tell it what individual investment decisions to make. What I do is communicate with ISIF and set a general direction for it.

That is the word. What the Deputy is trying to do is to create the impression that I am involved in giving a direction to ISIF-----

-----regarding individual investment decisions it makes. That does not happen. The word the Deputy used is correct. "Strategic" direction-----

Strategic direction-----

If the Deputy really was interested in an answer from me, I would hope he would give me the time to give the answer that this issue deserves.

I will reiterate, a Cheann Comhairle, that I do not play a role in issuing a direction to ISIF regarding the purchase of individual Government bonds-----

-----in Israel or elsewhere-----

-----and ISIF itself has decided-----

-----and it has implemented this-----

-----to no longer hold those shares.

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I am very much aware of the value and role that this rent tax credit plays in helping with the cost of living. That is why over a number of budgets I, along with the Minister, Deputy Chambers, and the former Minister, Michael McGrath, have made changes to the value of it. The decisions that will be made on budget day are being carefully considered at the moment. As I said to the Deputy earlier in …

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The Ireland Strategic Investment Fund is a €16.6 billion fund comprising a discretionary portfolio of €8.9 billion and a directed portfolio of €7.7 billion based on its annual report. It has complete independence in implementing its investment strategy under the NTMA Acts under an investment committee reporting to the NTMA's board. At the end of 2024, ISIF held, both directly and indirectly, €7.7…

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