Michael McGrath (Cork South Central, Fianna Fail)
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The scoping paper we will publish shortly will look at a number of international models. I acknowledge what the Deputy said about being constructive and I value the work of the committee. This is important work for the committee to undertake as it is a significant decision and will have a major impact. We have yet to decide on the detail of the investment strategy. It very much depends on the risk appetite. A diversified portfolio of assets will be needed. We will look back at what happened with investments and how investments were managed under the old National Pensions Reserve Fund. We will look at a number of international models. The Deputy cited Norway. Canada, Australia and other jurisdictions have done different things and our circumstances are different. Broad political agreement that this is the right thing to do would be a good starting point. The argument needs to be made. I think it stands up to scrutiny because of the challenges we know we will face. The demographic train is coming at us in the years ahead. The costs are real. We must provide for them. As I said last week, we are in something of a sweet spot at the moment as regards the public finances. It may not last indefinitely and we must make the best use of it. I value the input of the committee over the weeks and months ahead.