Future Ireland Fund will prevent stop-start development, says Tánaiste

Micheál Martin said that in a downturn, when revenues drop, capital infrastructure projects are first to be cut

Cork CIF Branch Chair Simon O'Keeffe said much work needed to take place to keep up the positive momentum that Cork has seen in recent months

Avoiding the stop-start nature of major infrastructure projects due to recessions and downturns is a goal of the new Future Ireland Fund, Tánaiste Micheál Martin told builders and developers in Cork.

Speaking at the Construction Industry Federation's (CIF) Cork Branch dinner, Mr Martin said that in a downturn, when revenues drop, capital infrastructure projects are first to be cut.

“The challenge for us is to try and develop in an even-handed way, over a long period of time, and try to avoid the stop-start nature of both economic development, infrastructure development, and, indeed, housing development,” he said.

The Future Ireland Fund will take 0.8% of gross national income and put it aside to be reinvested for future generations, taking into account the country’s ageing population. 

“Within that will be an infrastructure fund that can be drawn down from 2026,” Mr Martin said. 

Wayne Murphy, Unilin Insulation, sponsor; Tánaiste Micheál Martin; Joanne Treacy, director, Southern Region, CIF and Finance Minister Michael McGrath at the CIF dinner at Rochestown Park Hotel. Picture: Brian Lougheed

“So that, if revenue, for whatever reasons, began to reduce, we have funding in place to continue the projects we have started, the road projects we have started, the rail projects we have started.”

“Capital, unfortunately in times of pressure, can be the first thing that is cut and that is something we learned in previous times and I am determined to avoid that.”

Cork CIF branch chair, Simon O’Keeffe, said that work needed to be done to keep up the momentum of recent months in Cork, including the completion of the Dunkettle interchange, the progress on the docklands, and the works for the M28.

“We must see decision timelines reduced in relation to planning,” Mr O’Keeffe said. 

“The review of the National Planning Framework will be critical to the advancement of development works in Cork, particularly in relation to the availability of zoned land.

“Investment opportunities must not be lost by Cork for reasons which we can avoid. 

"We must see the realisation of the events centre and the upgrade to the N25,” Mr O’Keeffe said.

 “We must keep moving forward and leading with the vision that Cork has a history of demonstrating successfully. There is no time to be wasted.”

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