National Training Fund

Dáil Éireann Debate, Tuesday - 20 June 2017

Tuesday, 20 June 2017

Ceisteanna (515)

Thomas Byrne

Ceist:

515. Deputy Thomas Byrne asked the Minister for Education and Skills the amount in the investment account of the national training fund; and the investments which can be made from the fund. [27521/17]

Freagraí scríofa

Minister of State at the Department of Education and Skills

There is currently €208m in the investment account of the National Training Fund, which is invested in monthly Exchequer Notes issued by the National Treasury Management Agency.

The National Training Fund Act 2000 provides that the National Training Fund should consist of a current account, which is managed and controlled by the Minister for Education and Skills, and an investment account, which is managed and controlled by the Minister for Finance.

Under Section 2(6) of the Act, moneys standing to the credit of the investment account of the Fund shall be invested by the Minister for Finance. Section 2(8) provides that income arising from any such investment shall be paid into that account. Section 2(9) specifies the form of investment which may be undertaken, namely securities, other than shares, and the placing of funds in deposit accounts in any financial institution or invested in short term financial products such as certificates of deposit or commercial paper issued by any person.