Proposed Legislation

Dáil Éireann Debate, Thursday - 7 February 2013

Thursday, 7 February 2013

Ceisteanna (54)

Eoghan Murphy

Ceist:

54. Deputy Eoghan Murphy asked the Minister for Finance if he will consider transporting elements of the Nuclear Weapons (Prohibitions of Investments) Bill 2012 into one of the forthcoming Finance Acts thereby prohibiting investment of public moneys in companies that are involved in the manufacture of nuclear weapons, their components or delivery systems and compelling the National Pension Reserve Fund to divest circa €10 million of public money that the fund currently has invested in such companies. [6427/13]

Freagraí scríofa

Minister for Finance

As the Deputy will be aware, the Government announced the establishment of the Strategic Investment Fund (SIF) in September 2011. The SIF will channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy, following appropriate changes to the legislation under which the NPRF operates. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy. In the light of these proposed changes, I would not intend at this time to bring forward proposals for legislation to amend the investment mandate of the NPRF in the way envisaged by the Deputy.