Results 14,021-14,040 of 26,610 for speaker:David Cullinane

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: I welcome Mr. O'Kelly and his team. I ask him to give us an overview of the strategic investment fund, its purpose and what it does or should do. That is under the NTMA's remit, is it not?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: What is the mix or blend of finance? There is some private capital; from where does the rest of the money come?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: What is the NPRF?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: I am not even at that stage. At the moment from where does the money come? There are multiple income streams for this fund. Some of it is private sector and some is State investment. It was a savings fund. It was the National Pensions Reserve Fund, was it not?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: That is historical. Is additional funding going into it?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: Therefore it is not envisaged that any additional funding would go into that fund.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: That is what I want to get to. Mr. O'Kelly mentioned the National Pensions Reserve Fund. That was set up essentially as a rainy day fund, was it not? That was the logic of that at the time it was set up.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: What was it used for? When it rained what was it used for?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: I know Mr. O'Kelly was not around, but I imagine he lived in the country.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: I imagine Mr. O'Kelly knows the answer to the question: it went to the banks to recapitalise them.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: Where did the money go from the National Pensions Reserve Fund? It was a rainy day fund and it rained.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: My point is we had a rainy day fund before. That rainy day fund was meant to ensure that if there was an economic downturn of if there was any economic turbulence we would have some money to invest or even to tap into to be able to pay for day-to-day spending if there was a shortfall, but certainly it was more of an investment. That did not happen. It did rain. The economy crashed and the...

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: Okay. The money that was left in that fund went into this ISIF. Some of that money will now be put into what is being called a rainy day fund, will it not?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: How much?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: A total of €1.5 billion from the ISIF will go into this rainy day fund.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: If that money was not put into a rainy day fund - let us say a decision was made not to transfer it in - what would that money be spent on?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: In what types of areas would it be invested?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: That is what I am trying to establish. It is accepted by almost all the economists, think tanks, expert groups and even the European Commission that there is a serious lack of capital investment in this State. There are huge challenges in social infrastructure, health and housing, as well as in transport in respect of roads, rail and ports. There are huge challenges in investment...

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: I know it is a Government decision. Who administers the fund? Who decides where the money should go and how it is spent?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

David Cullinane: Who decides how that money is spent?