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National Pension Reserve Fund.

Dáil Éireann Debate, Thursday - 6 May 2004

Thursday, 6 May 2004

Questions (59)

Mary Upton

Question:

45 Dr. Upton asked the Minister for Finance the reason, in view of the recent statement by the National Pension Reserve Fund that it has made €200 million available for participation in PPP projects but has as yet received no proposals, that Departments have failed to take up this opportunity to fund much needed projects. [12995/04]

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Written answers

The National Pension Reserve Fund is managed by commissioners who are independent of Government. They control and manage the fund with discretionary authority to determine and implement an investment strategy for the fund. This investment strategy is based on a commercial investment mandate with the objective of securing the optimal return over the long-term, having regard to the purpose of the fund as set out in section 18(1) of the National Pensions Reserve Fund Act 2000, and the payment requirements of the fund as provided for under section 20 of the Act, provided the level of risk to the moneys held or invested is acceptable to the commission.

Section 19 of the National Pensions Reserve Fund Act 2000 provides that, in investing fund moneys, the commission shall seek to optimise total financial return provided the level of risk is acceptable to the commission. The commission is, as a result, required to adopt a standard commercial investment policy.

Question No. 46 answered with QuestionNo. 15.
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