Mairéad Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

I will pick up on something my colleague, an Teachta Patricia Ryan, was talking about, that is, the establishment of a long-term investment vehicle to help to pre-fund pension expenditure. I am obviously not opposed to such an idea. The National Pensions Reserve Fund enjoyed early success and was helping to build public wealth. Professor John McHale, who was the first head of the International Federation of Accountants, IFAC, said the fund was well on its way to achieving its targets prior to being liquidated during the banking crisis. From a governance perspective, what lessons can we learn from the experience of the National Pensions Reserve Fund, particularly in respect of political risk management? The National Pensions Reserve Fund had a strict commercial mandate and was politically independent. Drawdown prior to 2025 was strictly prohibited but a later Government changed the legislation. That underlies the drive to establish a new fund at this point. Perhaps our guests will make a comment on that issue.