Oireachtas Joint and Select Committees

Tuesday, 1 July 2014

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

National Treasury Management Agency (Amendment) Bill 2014: Committee Stage

7:50 pm

Photo of Fergus O'DowdFergus O'Dowd (Louth, Fine Gael) | Oireachtas source

Section 21 requires NewERA to prepare a report at least annually for the Minister for Public Expenditure and Reform and other relevant Ministers on the performance of each designated body. This is separate from its report on its NewERA activities, which the agency will present as part of its annual report under section 13 of the 1990 Act. The amendment proposed would require the agency to report annually on the economic and employment impacts of its Ireland Strategic Investment Fund investments. The Bill does not require separate reports in respect of the agency's various activities and the existing provision for an annual report in section 13 of the NTMA Act continues in force. The agency will have to report on all its functions, as it does already. Section 13 of the 1990 Act also provides that the agency shall in its annual report include information in such form, and regarding such matters, as the Minister for Finance may direct.

Regarding the ISIF, I expect the agency will report on the impact of its investments, given that its investment mandate requires the fund to be invested in a manner designed to support economic activity and employment in the State. I do not propose that provision be made for separate reporting in respect of the ISIF. Deputies should note that the NTMA is required to include in its annual report information in such form and regarding such matters as the Minister for Finance may direct. Therefore, I do not propose to accept the amendment. However, notwithstanding the existing annual reporting provisions in section 13 of the 1990 Act, the Minister for Finance is considering including a provision on Report Stage requiring the agency to provide a breakdown of ISIF investments in its annual report.

Comments

No comments

Log in or join to post a public comment.