Waterford TD John Deasy says there’s still significant scope for the Southeast to share in the €7.9bn Ireland Strategic Investment Fund — the bulk of which has still to be allocated.

Last week the Fund reported that it’s in advanced discussions with over 50 different investment opportunities valued at a combined €2.4bn.

It expects to put over €750m into leveraging additional projects this year and is open to all commercial ideas (see www.isif.ie). Matching private sector capital could double its total worth.

The Fund’s operators, the National Treasury Management Agency, are targeting a minimum average return of 4% from its entire investment portfolio. Commercial viability is a key prerequisite when it comes to sizing up applications.

With “economic impact” also part of its ‘double bottom line’ mandate, Deputy Deasy successfully lobbied at legislation stage to make sure the Fund accounts for where projects are delivered.

“I was concerned Dublin would dominate and so far that’s been borne out, with 47% of approved projects being based in the capital and the remainder spread around the country — two-thirds in the rest of Leinster and 18% in Munster.

“However, there’s still nearly €5.5bn of public capital to work with between now and 2020 so hopefully investors can come in with proposals that target those regions most in need of a lift.”

So far the state stimulus measure — using what was the National Pension Reserve Fund — has invested in capital development projects, finance schemes for SMEs, and recently, in conjunction with Glanbia, an offer of €100m in ‘MilkFlex’ loan supports to the dairy sector.

Deasy says: “I have already flagged with the Department of Transport the potential use some of this money to help generate new business in our regional airports and main sea ports, while still complying with EU State Aid rules.”

He added that regional requirements in the areas of broadband, seafood processing and advance infrastructure for industry would also make good use of some of this catalyst funding.

Waterford Fine Gael TD John Deasy says the “resilient” fishing community of Dunmore East has endured “a legacy of bitter disappointment” due to Government “inaction”.

He made his criticisms after hearing confirmation at today's Public Accounts Committee meeting that a €4 million dredging contract for the inner harbour has been delayed until next year.

The Fine Gael deputy quoted “a litany” of consultants reports and studies into the proposed redevelopment of the State fishery port dating back almost a decade and a half — including a shelved €50-60m upgrade.

Addressing officials from the Dept of Agriculture, Food and the Marine, he went back over the myriad findings, recommendations, “and frankly the lack of activity that has occurred” — starting with the 2000 KPMG technical and socio-economic review of infrastructural requirements in Dunmore East.

This, he said, was followed in 2003 by the Department-commissioned Kirk McClure and Morton Report. Involving preliminary designs and environmental impact assessment, it found the existing harbour was too small, and that the set-up didn’t permit proper development — “effectively a reiteration of the previous report.”

A public consultation process commenced in 2004, and planning permission for the development of the fishery harbour centre was granted the following year. In 2006 €300,000 was provided for design and a similar sum for site investigations.

Mr Deasy then referred to a 2007 cost-benefit analysis by Poseidon Aquatic Resource Management Ltd for the Dept of the Marine into a large-scale State investment highlighted the old age of the harbour, the lack of dredging since the early nineties, and the absence of safe access to the shore for yachts.

The first phase was scheduled to start in 2008 — “and then the economy collapsed.”

However, hopes were raised in March when funding of €4m was announced for the first dredging operation in Dunmore in 22 years. The build-up of sediment has seriously hampered the port’s activities, with larger fishing vessels unable to dock and having to steam to Cork or Howth instead. 

The amount allocated under the capital programme is just to dredge the inner basin — “the idea of overall harbour redevelopment is not being spoken of,” Deputy Deasy said. The tender process was to be have been completed by July, but “now we learn that there’s a delay in that.”