Martin Mansergh (Tipperary South, Fianna Fail)

Like the Minister for Finance, I respect the decisions of this House and the other House. Section 27 of the National Pensions Reserve Fund Act 2000 requires the National Pensions Reserve Fund Commission to submit an annual report to the Minister for Finance "as soon as may be, but not later than 6 months, after the end of each financial year". The Minister is then required to "cause copies of the report to be laid before each House of the Oireachtas". Section 27(2) of the 2000 Act sets out the matters that need to be covered in each annual report of the commission. It provides that each report must include, for the year under review, information on the "investment strategy" being pursued by the National Pensions Reserve Fund Commission in respect of the fund; "a report on the investment return" achieved by the fund; "a valuation of the net assets", including the market capitalisation value, of the fund; an illustration of the changes that take place from year to year; a detailed list of the asset holdings of the fund; information on "investment management and custodianship arrangements"; and details of the "fees, commission and other expenses" incurred in the administration of the fund, including expenses incurred by the National Treasury Management Agency as the manager of the fund.

In compiling the report, the commission must bear in mind the need for open and transparent reporting on the operation of the National Pensions Reserve Fund. This will ensure that the maximum appropriate detail will be made available to the Oireachtas and to the public in general. The National Pensions Reserve Fund Act 2000 provides that the annual report of the National Pensions Reserve Fund Commission "shall include information in such form and regarding such matters as the Minister may direct", thus allowing the Minister to ensure the amount of information provided in the report is satisfactory. In fact, the commission's annual reports have been models of information. They have provided extremely detailed information on the activities and investments of the fund. They could well be taken as an example of best practice in reporting on sovereign wealth funds. I take the view that the commission's annual report is the most appropriate vehicle for informing the House on all investments undertaken by the commission, as well as on all forms of funding provided by the commission to listed credit institutions on foot of directions from the Minister. As I do not see any advantage in providing for a separate report on this aspect of the commission's activities, I do not propose to accept the amendment.