ISIF investment in cuckoo funds
Deputy Boyd Barrett condemned State-backed financing of property investment vehicles that worsen the housing crisis and asked for a ministerial explanation of the sums and rationale. The Ceann Comhairle accepted his proposal for a debate or explanation.
The revelation that Ireland Strategic Investment Fund was financing cuckoo funds is really quite shocking. I am referring to the financing of entities that are worsening the housing crisis, pricing people out of the market and charging extortionate rents. In many cases, the State and the people pay again, with local authorities leasing properties from the same entities.
Comment on this
My point is that we need an explanation. Hundreds of millions of euro in public money are involved in financing these entities. We need a detailed explanation immediately this week.
Comment on this
I am proposing that the Minister come in here and give us an explanation stating precisely how much money was invested and the rationale behind the investment.