Dáil Éireann Debate, Tuesday - 12 May 2015
288. Deputy Michael McGrath asked the Minister for Finance if he will provide all the receipts from, and payments to, the Exchequer by the National Pensions Reserve Fund in each year from 2008 to date in 2015; and if he will make a statement on the matter. [18471/15]
View answerInformation in relation to the performance of the National Pensions Reserve Fund (NPRF) is available in the Fund's published Annual Reports which are available online at the following link; www.nprf.ie.
Section 18 of the National Pensions Reserve Fund Act 2000 required the payment of a contribution equivalent to 1% of GNP from the Exchequer to the National Pensions Reserve Fund each year. Under 2009 legislation, an additional €1.416 billion was paid into the Fund in 2009 to help recapitalise AIB and BoI. In addition, €993 million was received from university and certain non-commercial semi-state pension schemes in 2009 and a further €1,079 million in 2010 under legislation which provided that the pension liabilities of those schemes will be met from the Exchequer. These additional contributions were offset against future Exchequer contributions to the Fund, with the result that no contribution was required in 2011 and a partial contribution would have been required in 2012.
However an amendment to the NPRF Act, which was inserted by the Credit Institutions (Stabilisation) Act 2010, empowered the Minister for Finance to suspend the payment of the annual contribution, in 2012 and 2013. Dáil Éireann approved the suspension of Exchequer contributions in 2012 and 2013 on 7 December 2012.
On 22 December 2014, the National Pensions Reserve Fund transitioned to the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland.
Contributions to/Withdrawals by the Exchequer:
|
Year |
Contributions/Assets Transferred |
Withdrawals |
Details |
|
|
€m |
€m |
|
|
2015 |
0.0 |
1,634.2 |
Transfer to the Exchequer |
|
2014 |
0.0 |
10.0 |
Funding of SBCI |
|
2013 |
1.4 |
0.0 |
Residual cash balances from the universities' accounts |
|
2012 |
11.1 |
0.0 |
Residual cash balances from the universities' accounts |
|
2011 |
0.7 |
1,018.0 |
Residual cash balances from the universities' accounts (€0.7) & transfer of €1,018m to the Exchequer |
|
2010 |
1,079.1 |
0.0 |
Transfer of the assets of six university and non-commercial state bodies. |
|
2009 |
3,993.3 |
0.0 |
Minister for Finance 1%GNP contribution (€1,584m), Additional contribution from the Exchequer (€1,416m) and €993,297,237 transferred to the Fund certain universities and non-commercial state bodies |
|
2008 |
1,690.0 |
0.0 |
Minister for Finance 1%GNP contribution |
