Dáil Éireann Debate, Thursday - 31 January 2013
71. Deputy Michael McGrath asked the Minister for Finance the current value of the discretionary portfolio held by the National Pension Reserve Fund; his plans for these assets; the timetable he envisages for their investment in the domestic economy; the range of new assets in which he envisages the NPRF investing; and if he will make a statement on the matter. [4979/13]
View answerI am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund, that as at 31 December 2012 the Fund’s total value stood at €14.7 billion, of which the Discretionary Portfolio comprises €6.1 billion. The Government announced the establishment of the Strategic Investment Fund (SIF) in September 2011. The purpose of the SIF is to channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as funding from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy. Sectors identified as being areas of importance to the Irish economy include infrastructure, water, financing for SMEs and venture capital.
The objective therefore, is to refocus investment in Ireland, supporting economic growth and employment. A business plan is being developed which will address the sectors and range of assets to be considered for investment. Within its existing statutory investment policy and in line with the SIF announcement, the NPRF has undertaken a number of investments and initiatives under which NPRF capital will be invested on a commercial basis in Ireland. The NPRF has committed to invest in: infrastructure (€250 million), PPP projects (€118 million) and finance for the SME sector (€500 million) and has entered into a collaborative relationship with Silicon Valley Bank. The NPRF continues to work on assembling and developing a pipeline of additional commercial opportunities for the SIF.
