Public Accounts Committee to examine the 2010 accounts and performance of the National Treasury Management Agency and the National Pension Reserve Fund

Among the key issues the Committee will examine with the National Treasury Management Agency are:

• the ongoing borrowing requirements of the State.
• the current state of the international bond market and the need for stability before Ireland can re-enter the international bond market.
• the impact of credit rating agencies on the ability of the State to borrow at reasonable interest rates in the future.

Issues the Committee will address with the National Pension Fund Commission include:

• the performance of the fund having regard to the unrealised losses arising from the directed investments in the Bank of Ireland and AIB.
• the management of the investment of pension funds in the two banks.

Chairman of the Committee, John McGuinness, TD said: “With its key responsibility in borrowing for the Exchequer and managing the national debt, the National Treasury Management Agency has a massive role to play in the financial and economic management of the country. It can provide the Committee with an update on the ongoing borrowing requirements of the State and the current state of the bond market and Ireland’s ability to re-enter that market to raise funds.

The NTMA’s remit has been expanded greatly and now includes the management of the National Pensions Reserve Fund, the National Development Finance Agency, the State Claims Agency and NAMA

The National Pension Reserve Fund has performed well and has always exceeded the benchmarks published by the pension industry. However, the landscape of the pension fund has however changed dramatically and now its discretionary investment portfolio is a small part of its overall portfolio. The Committee will want in particular to see what strategies it has to manage its directed investments given that an unrealised loss of €3.7 billion has been recorded in the 2010 Accounts of the Fund.”

The Committee will meet tomorrow, 6th October at 10am in Committee Room 1, Leinster House 2000.

Committee proceedings can be followed live at:
http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o
Ends

For further information please contact:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

Committee of Public Accounts

Membership

John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Paschal Donohoe,
Anne Ferris,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Michael McGrath,
Eoghan Murphy,
Derek Nolan,
Shane Ross.