Noonan: €1.2 billion of pension reserves already committed

By Sinead O'Carroll

Image: Photocall Ireland!

09/06/12 2,719 Views 30 Comments

FINANCE MINISTER MICHAEL Noonan has revealed that €1.2 billion of the €5.7 billion National Pensions Reserve Fund (NPRF) discretionary portfolio has already been legally committed to various investments.

That leaves about €4.5 billion in the pot as of 31 March 2012.

Of the €1.2 billion already committed, about €800 million will be invested in Ireland, according to Noonan.

The figures were revealed following a Parliamentary Question posed by Labour TD Kevin Humphreys. The NPRF established in April 2001 to meet as much of Ireland’s growing social welfare and public service pension costs from 2025 onwards. These costs are projected to increase dramatically due to an ageing population.

Noonan also highlighted that the National Treasury Management Agency holds cash reserves and other investments on behalf of the State worth €18.6 billion. The figure includes cash held in the Exchequer Account at the Central Bank, cash held on deposit, housing financing agency guaranteed notes, cash balances in the dormant accounts fund and other ministerial funds.

Parts of the fund have already been used as part of the EU/IMF rescue package, with some going towards the country’s ailing banking system.

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Comments (16 Comments)
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Conor Gallagher 09/06/12 Comment reported, thank you Report this comment
So what’s going to find the welfare and public sector taxes from 2025 onwards? (as well as the promissory note that the minister kicked to touch).

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  Too Trueleft 09/06/12 Comment reported, thank you Report this comment
  The minister doesn’t care Conor, he’ll either be dead after enjoying the high life, or sitting pretty on a six figure pension and a pile of cash from his misery money aka german bunds.
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Too Trueleft 09/06/12 Comment reported, thank you Report this comment
The money we saved through the boom for our nations future, stolen by these criminals so that wealthy people won’t have to cover their own gambling losses. And to add insult to injury, they invent new taxes to take whats left in our pockets after we pay for our basic necessities, if theres even anything left. Something has to be done NOW.

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Martin Byrne 09/06/12 Comment reported, thank you Report this comment
Why was noonan at the private billionare Bilderberg meeting last, week, and why are no Irish newspapers or media outlets interested in asking this question. He went to it in his capacity as Irish finance minister but its none of our business according to the fine gael people.

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  Sinead O'Carroll 09/06/12 Comment reported, thank you Report this comment
  We asked:
  
  http://www.thejournal.ie/what-are-the-bilderberg-meetings-and-whats-michael-noonan-doing-there-472746-Jun2012/
  
  Thanks
  Sinead
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  Johnnathan Biskalero 09/06/12 Comment reported, thank you Report this comment
  Fair play to thejournal for their story on the Bilderberg Group, we should demand from Noonan what was talked about because he is our Finance Minster and is accountable to the people of this country no more no less…speak up Mr. Noonan !!
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  Martin Byrne 09/06/12 Comment reported, thank you Report this comment
  Thanks Sinead, read that link. I reckon that means noonan will be announcing some FDI pretty soon then as a result of that meeting. I reckon it would be a first for the ordinary man to reap any finacial dividends from a Bilderberg meeting. Time to start worrying when your finance minister is summoned to a secret meeting of unelected Billionares. Why did FG’s PR dept, have to be asked about this, surley if he over there seeking inward investement and nothing more they would be shouting it from the tree tops.
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LoyalIrish Citizen 09/06/12 Comment reported, thank you Report this comment
If you rob a person its never going to be treason.

If you rob a nation it must be treason.

Should the Irish People go to work for 30/40 years and end up being robbed when they are most vulnerable?

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Stephen Pluck 09/06/12 Comment reported, thank you Report this comment
How much was in the pot early 2008 before the crisis? And much has been spend to date on the banks etc..?

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Tony Skillington 09/06/12 Comment reported, thank you Report this comment
800 million of the 1.2 billion to be invested in Ireland? Where’s the other 2.2 million going?

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  Paul 09/06/12 Comment reported, thank you Report this comment
  Good question! Where’s the other €400 million gone?
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  Tony Skillington 09/06/12 Comment reported, thank you Report this comment
  My apologies…4 million…ran outta fingers and toes doing the maths…
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  Gabriel McManus 09/06/12 Comment reported, thank you Report this comment
  Interest on banking debt.
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Don Booker 09/06/12 Comment reported, thank you Report this comment
Daylight robbery

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  Gabriel McManus 09/06/12 Comment reported, thank you Report this comment
  What people forget that none of this debt is our debt there will be no bailout for mortgage holders or others buried in personal debt, yet they and their children are expected to cover the banking debt as well as theirs thanks to our government.
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  Daniel Dudek Corrigan 09/06/12 Comment reported, thank you Report this comment
  Ah get over yourself, mortgage owners knew what they’re borrowing investing in their properties. And like every investment – comes with risk.
  
  There were those who knew they will never be able to afford to pay back hundreds of thousands of euros, and guess what – they continued to rent. Why should they, through taxes, now have to bailout those who bought?!
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  Gabriel McManus 10/06/12 Comment reported, thank you Report this comment
  Says the rich kid from South Dublin, where you one of the 76% who voted for austerity for the poor?
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  Paul Mallon 12/06/12 Comment reported, thank you Report this comment
  Every investment except bank investments you mean. Grow the fcuk up Daniel, you don’t know what you’re talking about.
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Silent Bob 09/06/12 Comment reported, thank you Report this comment
We entrust our future to the decisions made by our elected representatives…that is a major leap of faith and one that has already cost us dearly when Brian Lenihan and others made bank debt into sovereign debt literally overnight. Where is the accountability to the citizens and future citizens? Where is the reality that our politicians and public servants are up to the job? I don’t believe that we have either the calibre or qualified individuals to make the right decisions on our behalf to help get us through this international mess. They’re all at sea or mislaying a few billion due to ‘accounting errors’.

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Thomas Mc Grory 09/06/12 Comment reported, thank you Report this comment
Sorry but even better again €170 Billion :) we are definitely doomed…………

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  Ed Kavanagh 10/06/12 Comment reported, thank you Report this comment
  Not if we do what’s right for our children and cut loose from these debt dealers and go it alone. Still not too late to default but we need an alternative to the two bought and paid for main traitorous parties.
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Thomas Mc Grory 09/06/12 Comment reported, thank you Report this comment
We are broke and owe €170 Million. We are all doomed……

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Frank O Regan 09/06/12 Comment reported, thank you Report this comment
The Maths don’t add up 800 million out of a 1.2 billion pot, doesn’t add up to 4.5 billion left.

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  Sinead O'Carroll 09/06/12 Comment reported, thank you Report this comment
  Sorry Frank, I had left out the overall figure in the first sentence…have added it back in now and the maths adds up again. Thanks for pointing it out.
  
  Sinead
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Abe Simon 09/07/12 Comment reported, thank you Report this comment
July 20th is almost here, and if you’re a General Motors retiree you know that means your pension plan decision time is almost up. You’ve likely heard there are risks involved, but are you aware of what those risks are? It’s been recommended since the June 1 announcement that you seek the advice of an experienced financial planner while making your pension plan decision. If you’ve yet to act on that, don’t worry – there is still time. This video was created to help retirees better understand the pension plan choices: http://youtu.be/32ZRne7AoTQ. Face July 20th with confidence; let a financial planner help you make the right pension choice.

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Abe Simon 09/07/12 Comment reported, thank you Report this comment
June 1 brought the announcement from your former employer of their pension buyout plan. This plan is projected to reduce General Motors pension liability by 26 billion dollars, but how do the choices impact you? You can read the free white paper further explaining the topic at http://gmpensionbuyout.info; it goes into detail about the options you find yourself facing. On top of educating yourself, it’s advisable to seek the advice of a professional financial planner. There are many factors involved in determining which option is best for you and your family, but only days until your decision deadline of July 20, 2012. Make sure you get the help you need to make the right choice.

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Brian D. Brady 12/06/12 Comment reported, thank you Report this comment
Just read the article and comments, is there anyone left in Ireland that can count?

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Summer Hakim 20/06/12 Comment reported, thank you Report this comment
General Motors’ plan to cut their pension liability by an estimated 26 billion dollars was announced on June 1. The plan will offer some salaried U.S. retirees a lump-sum payment. Other retirees will be offered a monthly pension payment. Seeking the advice of a qualified financial advisor is recommended in order to ensure a full understanding of initial eligibility and long-term consequences before making this choice. The deadline for the decision is set for July 20, 2012. More information on the General Motors (NYSE:GM) Pension Buyout plan may be found at http://www.gmpensionbuyout.net, including a free white paper.

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Kevin O'Sullivan 09/06/12 Comment reported, thank you Report this comment
So when the opposition want to use it, its perfectly acceptable. But when the government do they are branded as robbers?! Gotta love this site!

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  Too Trueleft 09/06/12 Comment reported, thank you Report this comment
  The government, led by YOUR party, has already robbed €24 billion and poured it into the banks despite their election promise of not another red cent.