Oireachtas Joint and Select Committees
Thursday, 13 February 2014
Public Accounts Committee
2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund
3:00 am
Mr. John Corrigan:
It would be the expectation that the proposed new legislation, to which both the Comptroller and Auditor General and I referred earlier, would be enacted around mid-year.
That legislation will provide for an overarching board in the NTMA that will enable a much more integrated approach to the various businesses that reside within the agency. These have been added on in a piecemeal manner over the years and each has its own governance arrangement.
The proposed legislation will provide for an investment committee. That committee will effectively discharge the types of functions that the NPRF previously discharged with respect to the pension fund. It is the intention that 100% of the fund would be deployed in Ireland. That is the policy decision that the Government has made.
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