Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I thank the Senator for the proposed amendment. Under this legislation, there is a requirement for the NTMA to consult with the Minister of Finance and the Minister for Public Expenditure, National Development Plan Delivery and Reform and to have regard to the views expressed. This aligns with the existing requirements for the Ireland Strategic Investment Fund, and the Minister can also consult with other Ministers as appropriate.

In addition to this consultation process, as part of the Government approval of this Bill, it was agreed that the Minister of Finance would write a letter of expectations to the NTMA on how the funds will be managed. This will be an administrative operation allowing the Minister to further express the views of the Government as well as, in fact, the Oireachtas joint committees, if appropriate. The Minister will also engage with the NTMA in accordance with its oversight agreement.

I also make a point that given these funds will be managed by the NTMA, the agency will be accountable to the Oireachtas under its existing legislative framework. Sections 6A and 6B of the National Treasury Management Agency Act 1990 provide that the CEO and chairperson of the NTMA shall at the request of a committee of the Oireachtas attend before it or to give account for accounts and reports of the Comptroller and Auditor General. These reports will include the management of the new funds proposed.This allows all aspects of the work of the NTMA to be discussed. As regards specific engagement, it is, of course, open to the relevant committee to engage with the NTMA on the investment strategy as the committee considers appropriate.

Given the power already exists, there is little need, therefore, to add this into this Bill. Based on the existing framework and the independence of the joint Oireachtas committees to engage with the NTMA, I do not propose to accept the amendment.