Dáil Éireann - Volume 545 - 27 November, 2001

Written Answers. - National Pensions Reserve Fund.

173. Dr. Upton asked the Minister for Finance the money set aside to the national pensions reserve fund; the amount of profit which has been made on investment of this money; and if he will make a statement on the matter. [29628/01]

Minister for Finance (Mr. McCreevy): I am advised by the National Treasury Management Agency, in its capacity as manager of the national pensions reserve fund, that the current balance in the fund is some 7,687 million – £6,054 million. The following table sets out the constituent parts of this total.

[215]

Temporary Holding

Fund

m

Temporary Holding

Fund

£m

National Pensions

Reserve Fund

m

National Pensions

Reserve Fund

£m

Telecom Éireann Receipts

4,528

3,566

GNP related Exchequer contributions for 1999-2000

1,629

1,283

Interest earned

358

282

Total transferred to NPRF 2 April 2001

6,515

5,131

6,515

5,131

Exchequer contributions for 2001 to date

972

765

Interest earned

200

158

Balance as at 23 November 2001

7,687

6,064

The interest earned so far has been through the placing of moneys on deposit. This was an interim investment strategy pending the development and implementation of the National Pensions Reserve Fund Commission's investment strategy. The commission is currently in the process of arranging to outsource the management of much of the fund by appointing institutional investment managers. A total of 80% of the fund's assets are to be allocated to a diversified portfolio of international equities, and 20% to a diversified portfolio of international bonds.