THE NATIONAL PENSION Reserve Fund (NPRF) will be no more from today.

Instead, it will be replaced by an investment fund that is aimed at stimulating employment and the economy.

The €6.8 billion Ireland Strategic Investment Fund (ISIF) today held an event in Dublin Castle, outlining its long term strategy.

The NPRF was founded in 2001 to give Ireland a reserve from which to meet social welfare and public service pensions.

It was stripped of €10 billion to meet the country’s bailout obligations and will now be used to invest in long-term infrastructural projects.

The new fund will be managed by the National Treasury Management Agency (NTMA) and will be established in legislation brought forward over the coming weeks.

The ISIF will invest both directly and through third-party managers and expects “to act as a catalyst for attracting additional capital”.

NPRF Director Eugene O’Callaghan said the fund was looking to invest.

“The ISIF is open for business and actively looking for investment opportunities that will meet its double bottom line criteria of generating commercial returns as well as delivering economic benefits.”

The NPRF has begun the process of diversifying its portfolio, investing in a host of domestic projects already.

Speaking this morning, the Finance Minister said that the fund showed Ireland is open for business.

“The objective of the medium-term strategy is full employment by 2020.

“The Strategic Investment Fund will play a key role in supporting this objective. The funds are available. Commercial investments opportunities and ideas will come from businesses and investors such as the one you are here representing this morning.

“The message is clear Ireland is open for investment and the ISIF is open for business.”

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