Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

As the Deputy is aware, we published a scoping paper earlier this year. The Central Bank kindly hosted an event that various contributors who have expert knowledge in this area attended and spoke at, and gave evidence of the international experience. We have been looking at different models around the world to see what we can learn from that to help influence and shape our own plans in Ireland. What the Deputy has outlined is broadly the thrust of it. The idea is that we invest annually for a period of time, and that will earn an annual rate of return. That annual rate of return provides resources that can be used to help fund the running of the State. In terms of where the fund will be invested, we will be engaging, and are engaging on an ongoing basis, with the National Treasury Management Agency, NTMA, which has a lot of expertise in this particular area. We are not precluding the possibility, of course, that some of the resources will be invested in Ireland. However, we must bear in mind that the principal purpose is to spread the risk and earn a rate of return for the country. We have other mechanisms, including the Ireland Strategic Ireland Investment Fund, ISIF, which has a mandate to invest in Ireland. There is a multibillion euro package there that ISIF is managing at this point in time. We have other bodies that are entirely domestically focused. It would be unwise to have this long-term fund solely investing in Ireland. The precise investment strategy, which I think will be broadly global in nature, will be set out based on the advice and the guidance of the NTMA.