Oireachtas Joint and Select Committees

Wednesday, 31 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion (Resumed)

Mr. Svein Gjedrem:

A decision on the law to set up the fund was taken in 1991. The model had broad support in our parliament and among ordinary people all the way along, more or less. From the point the fund was established to when the first money came in, it took five or six years. In the meantime, the fiscal budget was running a deficit. All the oil money went to financing that deficit. Money started coming into the fund on a net basis in 1996 or 1997. The-----

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