Dáil Éireann Debate, Wednesday - 22 February 2012
36 Deputy Mick Wallace asked the Minister for Finance when he plans to introduce the relevant legislation to allow the strategic investment fund to use funds from the National Pensions Reserve Fund for productive investment in the economy in view of the fact that it is now five months since he announced the establishment of the strategic investment fund; and if he will make a statement on the matter. [9937/12]
View answer39 Deputy Mick Wallace asked the Minister for Finance when the appropriate legislative changes to the investment policy of the National Pensions Reserve Fund will be introduced in order to allow the strategic investment fund to channel commercial investment from the fund towards productive investment in the economy here; and if he will make a statement on the matter. [9936/12]
View answerI propose to take Questions Nos. 36 and 39 together.
The Strategic Investment Fund (SIF), whose establishment was announced by the Government in September 2011, will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in areas of strategic significance to the future of the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors. It will comprise a series of sub-funds targeted at commercial investment in critical areas, including infrastructure, venture capital and provision of long-term capital for SMEs. The NPRF will take a lead role in the development and implementation of each sub-fund.
The involvement of the NPRF in the SIF is expected to require the amendment of the investment policy of the NPRF, which is set out in the National Pensions Reserve Fund Act 2000. Officials of my Department are liaising with the National Treasury Management Agency, as the Manager of the NPRF, in identifying and drafting the necessary amendments to the legislation and I expect to bring forward proposals for amending legislation as soon as possible once that work is completed.
