Dáil Éireann debate -
Tuesday, 27 Nov 2001

Vol. 545 No. 1

Written Answers. - National Pensions Reserve Fund.

Minister for Finance (Mr. McCreevy):

I am advised by the National Treasury Management Agency, in its capacity as manager of the national pensions reserve fund, that the current balance in the fund is some 7,687 million – £6,054 million. The following table sets out the constituent parts of this total.

	Temporary HoldingFundm	Temporary HoldingFund£m	National PensionsReserve Fundm	National PensionsReserve Fund£m
Telecom Éireann Receipts	4,528	3,566
GNP related Exchequer contributions for 1999-2000	1,629	1,283
Interest earned	358	282
Total transferred to NPRF 2 April 2001	6,515	5,131	6,515	5,131
Exchequer contributions for 2001 to date			972	765
Interest earned			200	158
Balance as at 23 November 2001			7,687	6,064

The interest earned so far has been through the placing of moneys on deposit. This was an interim investment strategy pending the development and implementation of the National Pensions Reserve Fund Commission's investment strategy. The commission is currently in the process of arranging to outsource the management of much of the fund by appointing institutional investment managers. A total of 80% of the fund's assets are to be allocated to a diversified portfolio of international equities, and 20% to a diversified portfolio of international bonds.