Michael Ring
Ceist:28 Mr. Ring asked the Minister for Finance if he has decided on the establishment date for the pension reserve fund Bill; and if he will make a statement on the matter. [27977/00]
Written Answers. - Pensions Reserve Fund.
The national pensions reserve fund Bill was passed by the Seanad yesterday and has gone to the President for signing.
The Government has already allocated over £4.8 billion to the national pensions reserve fund. These moneys are currently being managed by the NTMA in short-term deposits held in the temporary holding fund for superannuation liabilities. Allowing for interest, it is projected that the value for the temporary holding fund will be over £5 billion by the end of this year. It would be desirable to commence, as soon as possible, the process of transferring these deposits to longer term investments, consistent with the objectives of the national pensions reserve fund. This obviously cannot be done until the Bill is enacted and the fund established.
Section 3 provides that the establishment day will decided by the Minister and appointed by ministerial order. It is my intention to set the establishment day as soon as possible after the Bill's enactment. I recognise, however, that some breathing space will be necessary to enable the manager – the NTMA – to finalise the preparations for the setting up of the fund and I will have to take that into account in setting the establishment date.