Leo Varadkar
Ceist:99 Deputy Leo Varadkar asked the Tánaiste and Minister for Finance the estimated value of the National Pensions Reserve Fund; and if he will make a statement on the matter. [34699/07]
Amharc ar fhreagraThursday, 13 December 2007
Ceisteanna (103, 104, 105)
Leo Varadkar
Ceist:100 Deputy Leo Varadkar asked the Tánaiste and Minister for Finance the amount of money that has been paid into the National Pensions Reserve Fund by the Exchequer since the establishment of the fund; and if he will make a statement on the matter. [34700/07]
Amharc ar fhreagraLeo Varadkar
Ceist:101 Deputy Leo Varadkar asked the Tánaiste and Minister for Finance the amount of money that has been paid into the National Pensions Reserve Fund in each year since its establishment; and if he will make a statement on the matter. [34701/07]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 99 to 101, inclusive, together.
The National Pensions Reserve Fund was established in 2001 to meet as much as possible of the costs of social welfare and public service pensions from 2025 when these costs are projected to increase dramatically due to the ageing of the population. Under the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission controls and manages the National Pensions Reserve Fund. The Commission has discretionary authority to determine the Fund's investment strategy in accordance with the Fund's statutory investment policy of securing the optimal total financial return provided the level of risk to the moneys held or invested is acceptable to the Commission.
The National Pensions Reserve Fund Act 2000 provides for the payment each year to the Fund from the Exchequer of a sum equal to 1% of GNP. A total of €15,184 million has been paid into the National Pensions Reserve Fund from the Exchequer to date. The National Pensions Reserve Fund Commission publishes a valuation of the National Pensions Reserve Fund and a report on the Fund's performance quarterly. The market value of the Fund at end-September 2007 was €21.26 billion.
€6,515 million was paid into the Fund from the Temporary Holding Fund for Superannuation Liabilities in 2001. This included 1% of GNP contributions in respect of 1999 and 2000, the proceeds of the sale of Telecom Éireann (€4,528 million) and the interest earned on those sums. The amounts paid over in respect of 2001 and subsequent years under the statutory requirement to pay over an amount equal to 1% of GNP were as follows:
|
Year |
€million |
|
2001 |
972 |
|
2002 |
1,035 |
|
2003 |
1,103 |
|
2004 |
1,177 |
|
2005 |
1,320 |
|
2006 |
1,446 |
|
2007 |
1,616 |