John Deasy
Ceist:149 Mr. Deasy asked the Minister for Finance if he has satisfied himself with the operation of the National Pensions Reserve Fund. [20901/03]
Vol. 571 No. 1
149 Mr. Deasy asked the Minister for Finance if he has satisfied himself with the operation of the National Pensions Reserve Fund. [20901/03]
167 Mr. Gormley asked the Minister for Finance if the existence of armaments firms and tobacco companies in the portfolio of the National Pension Fund will lead to proposals for changes in the way this fund can and should be organised. [20945/03]
173 Mr. Rabbitte asked the Minister for Finance if he will make a statement on the performance of the National Pensions Reserve Fund; the extent of the losses incurred by the fund at the latest date for which figures are available; and if he will make a statement on the matter. [20769/03]
192 Ms Burton asked the Minister for Finance if he intends to provide ethical guidelines for the investment of funds made by the National Pensions Reserve Fund, particularly having regard to concern expressed regarding investments by the fund in tobacco companies at a time when public policy is to discourage smoking; and if he will make a statement on the matter. [20744/03]
I propose to take Questions Nos. 149, 167, 173 and 192 together.
The National Pensions Reserve Fund is managed by commissioners who are independent of Government. They control and manage the fund with discretionary authority to determine and implement an investment strategy for the fund. This investment strategy is based on a commercial investment mandate with the objective of securing the optimal return over the long-term, having regard to (a) the purpose of the fund as set out in section 18(1) of the National Pensions Reserve Fund Act, 2000, and (b) the payment requirements of the fund as provided for under section 20 of the Act, provided the level of risk to the moneys held or invested is acceptable to the commission.