Under S.2(4) of the National Training Fund Act 2000, responsibility for management and control of the investment account of the Fund rests with the Minister for Finance. In compliance with the Act, any balance standing to the credit of the current account of the National Training Fund (NTF) which is not required to meet current expenditure is transferred to the investment account. Following a decision by the European Central Bank in September 2014, the interest rate applied on the NTF investment account was negative, resulting in an interest charge to the NTF. As a result of the negative interest rate, my Department, the Department of Public Expenditure and Reform and the Department of Finance examined alternative investment vehicles for the investment account and since 2015, NTF funds held in the Investment Account have been invested in 0% National Treasury Management Agency (NTMA) Exchequer Notes. As at end May 2021, €918 million of NTF funds are invested with the NTMA. My Department is cognisant of the need to achieve a balance between having funds available at reasonably short notice to meet obligations under the Fund with the requirement to achieve a favourable yield. Although longer term investments may have a higher return at the outset, this may lead to a capital loss in the event of a disposal. While there is no income earned on these Exchequer Notes, the capital amount invested is guaranteed. The Department engages regularly with the Department of Finance and the NTMA to ensure that the investment strategy represents value for money and strikes an appropriate balance between accessibility, yield and risk.