Timmy Dooley
Question:22. Deputy Timmy Dooley asked the Minister for Finance his plans for the assets held in the discretionary portfolio of the National Pensions Reserve Fund; and if he will make a statement on the matter. [14035/13]
View answerThursday, 21 March 2013
Questions (22)
Written answers
In announcing the Strategic Investment Fund initiative in September 2011, the Government indicated a refocusing of the discretionary portfolio of the National Pensions Reserve Fund (NPRF) towards productive investment in sectors of strategic importance to the Irish economy. A key principle of the Strategic Investment Fund is that the NPRF investment, which is to be solely on a commercial basis, will seek matching investment from third-party investors. In this way the Fund’s assets can be used as a catalyst to attract additional capital for investment in the Irish economy.
Officials of my Department are liaising with the National Treasury Management Agency in preparing proposals for legislation to reorient the NPRF into the Strategic Investment Fund. I expect to bring forward those proposals as soon as possible once that work is completed.
The NPRF continues to work on assembling and developing a pipeline of additional commercial opportunities for the Strategic Investment Fund, which is taking place in parallel with the legislative amendment process. An investment strategy 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. In addition, the Fund has been working closely with NewERA in respect of investment opportunities relating to the commercial semi-state sector.