Oireachtas Joint and Select Committees

Wednesday, 31 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion (Resumed)

Mr. Svein Gjedrem:

Yes. We worked on it while I was at the Ministry of Finance and had some responsibility for working on the model. As members may remember, there was a major Scandinavian economic crisis in the late 1980s and early 1990s. It involved a banking crisis and all kinds of other difficulties. At that stage, a decision was taken that, in future, our economic policies would need to be more stability-oriented and that we would need to deal with the oil money in a different way than we had in the 1970s and 1980s. We learned the hard way how to deal with it.

When it comes to what kind of income------