asked the Taoiseach which Minister or Ministers in his Government has or have responsibility for the investment of the pension funds of semi-State bodies; and if he will make a statement on the matter.
Ceisteanna — Questions. Oral Answers. - Semi-State Body Pension Funds.
4.
Where a State-sponsored body has been established under statute the approval of the Minister under whose aegis the particular State-sponsored body operates, together with the concurrence of the Minister for the Public Service, is generally required for its superannuation scheme. Where a State-sponsored body has been established under the Companies Acts the relevant articles of association generally contain analogous provisions. The question of whether a formal fund should be established in relation to such schemes is considered to be primarily a matter within the operational discretion of the State-sponsored body in question.
The Minister for Finance has statutory functions in regard to the pension funds of certain State-sponsored bodies which come under the aegis of other Ministers as follows. The investments in which the pension funds of CIE, RTE and the ESB may hold funds require the approval of the Minister for Finance if these investments are not specified in the instruments establishing the funds. Similarly, the investments of the Bord na Móna pension funds, if these investments are not specified in the instrument establishing the funds, require the authority of the Minister for Energy, given with the concurrence of the Minister for Finance.
I appreciate the Taoiseach's reply. I think he and the House will be aware that I have been endeavouring to establish the degree of public knowledge in relation to the entire semi-State pension funds. Is it possible, or is he currently engaged in his discussions with the private sector in reviewing the effective collective potential for investment of the semi-State pension funds?
Very much so. I mentioned to Deputy Cluskey on a previous occasion that the proposal which we are bringing forward now in regard to lowcost, rented accommodation is primarily aimed at the pension funds and similar types of institution.
If the Taoiseach and his officials have been able to establish the details relating to the scale, extent and investment potential of such funds, why is it not possible for a Member of this House to get such information?
I am not clear as to what the Deputy's complaint is. Perhaps he would elucidate?
On two successive occasions I have put down comprehensive questions to every Government Minister to try to establish what the scale, extent and potential investment is of semi-State pension funds and I have got either no answer or very inadequate answers.
I shall get the Deputy that information.
Will you communicate with me in writing as to the full extent of the investment potential?
It may not be totally accurate but I shall give the Deputy an estimate of the total potential investment capacity of our pension funds.
Thank you.