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

9:25 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

On the 4%, we do not want the Minister to be able to raid the fund for Exchequer spending, given that it is supposed to be an investment fund and is supposed to continue to generate income. As I mentioned earlier on the directed investment area, the Minister gives himself the power to invest the fund in its entirety in a bank, and yet there is a limitation on the percentage that can be drawn down to the Exchequer which would meet the demands in society and which many would argue would be more beneficial. Why has the Minister set it at 4%? Is it 4% of the entire fund? Even if the fund is not profitable in a year, can the Minister still draw down?

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