The National Pensions Reserve Fund (NPRF) was established in 2001 under the National Pensions Reserve Fund Act 2000. As the Deputy will be aware, the Government has decided to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the NPRF. Officials of my Department are currently preparing the legislation to create the ISIF with an Ireland-focused commercial investment mandate, designed to support economic activity and employment through the redeployment of NPRF resources. As at 31 March 2013, the value of the NPRF was €15.2 billion of which Directed Investments (investments in Irish financial institutions made for public policy reasons at the direction of the Minister for Finance) were valued at €8.8 billion and the Discretionary Portfolio, which remains the responsibility of the NPRF Commission and which will form the basis of the ISIF, was valued at €6.4 billion.