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

I will give my response and then answer further questions. The National Pension Reserve Fund Act 2000, which set up the NPRF to pre-fund the burden of pensions on the Exchequer, was amended in 2009 to allow the Minister for Finance in certain circumstances direct the commission to invest in financial institutions. This was the mechanism used to recapitalise banks after the financial crisis. This provision is being carried over into this legislation as a precautionary measure with the obvious difference that the Minister will now give a direction to the Agency, rather than the commission. We do not foresee the use of this provision but it is important that it is there.