asked the Minister for Finance if he will examine the investment policies of the Irish Life Assurance Company and other State bodies for which he has responsibility in view of the recent statement by Irish Life (details supplied) that 35 per cent of its Blue Chip Fund of £23 million has been invested in the USA at a time when investment in the Irish economy is essential if job opportunities are to be created.
Ceisteanna—Questions. Oral Answers. - Investment Policies.
18.
The Blue Chip Fund is a small part of the total funds held by the company, which are in excess of £250 million. These funds are substantially invested in the State, in conformity with Government policy.
I have been informed by the company that the overseas investment in the Blue Chip Fund has been funded partly by borrowing from overseas bankers and from premium income earned outside the State.
The Deputy's query is not relevant to the other State bodies for which I have direct responsibility.