Oireachtas Joint and Select Committees
Wednesday, 24 May 2023
Committee on Budgetary Oversight
Sovereign Wealth Funds: Discussion
Gerald Nash (Louth, Labour) | Oireachtas source
That might be the direction of travel here. We are speaking in a bit of a vacuum because the policy decision has not been taken, and I know Mr. Ashmore is constrained by that. In terms of his knowledge of the kinds of funds that were anticipated here, how they might be developed and the kinds of arrangements involved in how they operate, we want to guard against any excessive withdrawal from the fund. Such a fund might be at risk from political choices that might be made down the line. The legislation governing the fund would be very important. Typically, what kind of thresholds would be put in place for withdrawals from a fund? We have had experience with the NPRF during the crash in 2008 and 2009, the capitalisation of banks and so on. We had funds withdrawn to assist during the pandemic to support business and jobs. Would Mr. Ashmore have a sense of what kind of threshold should be put in place limiting withdrawals?
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