Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The NPRF is already investing so there is no question of it being delayed along the lines suggested by the Deputy. However, it is investing on the basis of a kind of letter of comfort that I issued to it to allow it to get ahead of the legislation. That must be a temporary arrangement and it needs to be put on a statutory basis. The legislation has gone through the Government at heads stage but it is being drafted in the normal way so it is not possible to give the exact details of what may end up in it. The existing legislation has such a section so I do not see why it should be dropped in the new legislation.

It is proposed that an ISIF investment committee will be established to decide on the investment of the strategic investment fund and within the parameters of the strategy, which will be set by the new board of the NTMA. The NTMA does not have a board at present. It has an advisory board so the whole family of companies within the NTMA will be, from a governance point of view, subject to a new overarching board that will be a statutory board under the new Act. It is proposed that the NTMA will be responsible for the management of the ISIF and will establish an investment committee that will have discretion to make investment and disposal decisions. As with the NPRF commission, the members of the investment committee will have discretion to make investment decisions in line with the ISIF's investment strategy. There is no question of the thing being some kind of political slush fund. The fund's investment strategy will be consistent with the Government's policy objective. The NTMA will be responsible for the management and the investment and disposal decisions will be made on a commercial basis.

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