Dáil debates

Wednesday, 4 March 2009

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages

 

6:00 pm

Photo of Martin ManserghMartin Mansergh (Tipperary South, Fianna Fail)

At present the commission can accept contributions only from the Central Fund. This section will enable the commission to accept funds or assets for the benefit of fund from sources other than the Central Fund if so directed by the Minister. This is effectively the counterpart of the power given to the Minister under section 6 to transfer shareholdings or other assets into the fund. To the extent that the Minister has power to transfer assets into the fund, the commission formally needs the power to accept them. It is a technical provision which does not justify the amendment.

More generally, the clause falls well within normal ministerial discretion, as the executive branch of Government. The Minister is accountable for any executive decisions he or she makes to the House subsequently. Therefore, the House has adequate opportunity to pronounce on it if it so wishes. We do not want to have a situation where the Minister has to seek prior approval for every decision he or she has to take.

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