Dáil Éireann Debate, Tuesday - 13 December 2005
111 Mr. Sargent asked the Minister for Finance if the Government has, in 2005, made additional contributions to the statutory setting aside and investing of 1% of GNP annually to the National Pensions Reserve Fund; and if he will make a statement on the matter. [38912/05]
Amharc ar fhreagraSection 18(2) of the National Pensions Reserve Fund Act 2000, under which the National Pensions Reserve Fund was established, states: "that there shall be paid by the Minister into the Fund from the Central Fund or the growing produce thereof, in equal quarterly instalments, a sum equivalent to one per cent of Gross National Product". By the end of 2005 a total in excess of €1,320 million will have been paid from the Exchequer to the National Pensions Reserve Fund over the course of the year in quarterly tranches of €330,062,500. This is the equivalent of 1% of the projected GNP figure for 2005 of €132,025 million as published in Table 1, page D.5, of budget 2005.
While the National Pensions Reserve Fund Act 2000, section 18(5), provides for additional contributions to the fund, there were no such additional payments made by the Exchequer in 2005.
