Noel Dempsey (Meath West, Fianna Fail)

I propose to take Questions Nos. 6 and 46 together.

I have been briefed by the Dublin Airport Authority, DAA, on the Dublin Airport City business park project, which was launched by the DAA on 25 April 2008. As explained by the DAA at the launch of the project, a source of funding for the project has yet to be agreed. I understand phase I of the development may be completed by 2015 with the full project being realised by around 2033. I welcome a project that has the potential to take advantage of a substantial land bank at the airport and which would generate substantial benefits for the economy.

As to the National Pensions Reserve Fund, this was established in 2001 with the objective of meeting as much as possible of the cost to the Exchequer of social welfare pensions and public service pensions to be paid from 2025 until at least 2055. The fund is controlled and managed by the National Pensions Reserve Fund Commission. The commission has discretionary authority to determine the fund's investment strategy in accordance with the fund's statutory investment policy of securing the optimal total financial return, provided the level of risk to the moneys held or invested is acceptable to the commission. It is independent in its decisions in that regard.

Infrastructure forms part of the fund's strategic asset allocation and the commission is keen to invest in Ireland as part of its overall infrastructure programme. As I have stated, the independence of the commission in making those decisions is enshrined in law.

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