Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

I move amendment No. 12:

In page 39, to delete line 36 and substitute the following:

"(a) an investment made by the Agency pursuant to a direction under section 42 or 47(4)(b) or the proceeds held by the Agency pursuant to a direction under section 47(4)(c),".

Amendments Nos. 12 and 25 are technical amendments related to the directed investments in the banks made by the NPRF commission at the direction of the Minister for Finance. Amendment No. 12 clarifies that where the Minister directs the commission to hold the proceeds of the disposal of a directed investment in Government securities or in cash these also constitute directed investments and so are the responsibility of the Minister for Finance. The NTMA may disregard such an investment for the purpose of determining an investment strategy for the fund.

Amendment No. 25 is a technical amendment to paragraph 21, to the effect that all directions given to the NPRF commission under the National Pensions Reserve Fund Act will remain directed investments under the Ireland Strategic Investment Fund, ISIF, legislation following repeal of the NPRF legislation.

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