Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I understand where the Senator is coming from. While there is no requirement to publish directions to make certain investments, under section 42 directions made will be public knowledge by virtue of the fact that they will be detailed in the NTMA's annual report. Section 49 of the Bill provides that the NTMA will provide a detailed list of the assets of the fund in its report at the end of each year. Stepping back from this formal requirement for the agency to report on its investments through that manner I would also expect that directed investments would become public information very quickly. The Minister for Finance can direct the agency to invest in financial institutions only if necessary and in the public interest to remedy a serious disturbance to the economy and or to prevent potential serious damage to the financial system. It is highly unlikely that the Minister would direct investment in financial institutions if those institutions have access to other sources of private capital. In that scenario it is likely that it would also be in the public interest to make a directed investment public knowledge in order to restore confidence in the financial system. For these reasons I am satisfied that the directed investments will be public knowledge and, therefore, I do not propose to accept the amendment.