Jim O'Callaghan (Dublin Bay South, Fianna Fail)
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I thank all the officials for coming before the committee this afternoon. At the outset, it is important to state that the decision to establish both of these funds is a political decision that was made by the Government. It is a decision that I support and which will, presumably, be given legislative effect when the Bill is enacted by the Houses of the Oireachtas. I think this is a worthwhile exercise today, because it gives us an opportunity to assess how the legislation will operate and the funds, in effect, will operate in practical terms. Could I start by asking Mr. Ashmore questions about the two funds? Is it his belief that both funds will be operated and managed in a similar way to how the NTMA manages ISIF and the National Reserve Fund at present?