Dáil Éireann debate -
Thursday, 25 Jul 1996

Vol. 468 No. 4

Written Answers. - Report Remit.

Eric J. Byrne

Question:

112 Mr. E. Byrne asked the Minister for Finance the remit of the current Deloitte and Touche/Peter Bacon report commissioned by his Department; the cost of the report; his proposals with regard to the revitalisation of public enterprise; and if he will make a statement on the matter. [15852/96]

Minister for Finance (Mr. Quinn)

This study was commissioned jointly by the Irish Association of Pension Funds, the Irish Association of Investment Managers and by my Department. The cost of the study will be about £55,000 which will be shared jointly by the three sponsors.

The terms of reference for the study were as follows: "Having regard to the need for Irish Pension Funds to invest on a prudent and commercial basis and in particular to maintain asset portfolios which are consistent with their liabilities and appropriately diversified, the study will examine, in the context of the existing structure of long-term savings and capital markets:

(a) the scale and breadth of the opportunities, other than those in venture capital currently available for pension fund investment in Ireland;

(b) the potential for further development of the opportunities identified under (a). These opportunities may include investment in state companies, participation in infrastructural projects, private company flotation, equity investment in the multinational subsidiary sector etc., and;

(c) Whether or not there are current gaps in Irish capital markets in terms of meeting economic needs for long-term finance and if so what actions and/or new financial instruments, both private and State supported, can be developed to meet these needs.

Based on the results of this review the study will make recommendations on the steps necessary to develop existing investment opportunities or create new opportunities in Ireland which will be commercially viable."

The study was completed earlier this month and is now being examined by my Department in consultation with other Departments.