Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Photocall Ireland!
Rainy Days

Noonan: €1.2 billion of pension reserves already committed

That leaves about €4.5 billion in the pot.

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.

Your Voice
Readers Comments
30
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.