Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We already have the Ireland Strategic Investment Fund, which manages investments of between €14 billion and €15 billion. Some of this includes the remaining shares that we hold in the banks. Some of that money is invested globally but much of it is invested in Ireland. Essentially, the return from the global portfolio is recycled and invested in assets in Ireland, including on climate, housing and a range of areas. Alongside this we will have the public capital programme of more than €13 billion next year.

With regard to the plans for the future these are all subject to a Government decision and will be the subject of considerable debate and scrutiny of the Oireachtas. The idea with regard to a long-term savings fund is that it would be invested globally. That is not to say that some of it could not be invested in Ireland. From the point of view of managing risk, Ireland is a small open economy. This is a fund that we expect to deliver an annual return. It will be run like any other sovereign wealth fund of similar scale.