Brian Lenihan Jnr (Dublin West, Fianna Fail)

This is a reasonable amendment although I will not accept it. The National Pensions Reserve Fund Commission is required to submit an annual report to the Minister of Finance under section 27 of the existing Act, as soon as may be but not later than six months after the end of each financial year. Copies of the report must be laid before each House of the Oireachtas. Section 27(2) sets out what is required in the annual report, providing that, for the year under review, the annual report must include information on the investment strategy pursued by the commission in respect of the funds, a report on investment returns, evaluation of the net assets of the fund including the market capitalisation value of the fund and an illustration of the changes from year to year. A detailed list of the asset holdings of the fund, information on investment management and custodianship arrangements and the fees and expenses incurred in the administration of the fund, including expenses of the National Treasury Management Agency as manager, are also required. In compiling the report the commissioners must bear in mind the need for open and transparent reporting on the operation of the fund. This will ensure that the maximum appropriate detail will be made available to the Oireachtas and to the public.

I take the view that the commission's annual report as the vehicle for informing the House on all investments undertaken by the commission is the appropriate method for informing the House on funding provided by the commission to listed credit institutions on foot of a direction from the Minister. I do not see any advantage in providing for a separate report on this aspect of the commission's activities and I do not, on that basis, propose to accept the amendment.

I accept the valid point on the importance of information about credit institutions to the taxpayer and the public. Therefore, in the exercising of my powers under the NTMA legislation, I am undertaking to the House that the maximum possible information about investments relating to these credit institutions will and should be furnished in the annual report.

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