Dan Boyle (Cork South Central, Green Party)
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Question 108: To ask the Minister for Finance if his attention has been drawn to ethical guidelines being put in place by the Norwegian Government for its national pension fund; his views on introducing similar criteria for the national pension fund here; and if he will make a statement on the matter. [7929/06]

Dan Boyle (Cork South Central, Green Party)
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Question 219: To ask the Minister for Finance if his attention has been drawn to ethical guidelines being put in place by the Norwegian Government for its national pension fund; and his views on introducing similar criteria for the national pension fund here; and if he will make a statement on the matter. [8068/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 108 and 219 together.

I am aware of Norway's policy on the investment of its government pension fund. However, the goal set for the national pensions reserve fund, NPRF, from the outset under its establishing legislation, the National Pensions Reserve Fund Act 2000, has been to secure the optimal return over the long term, having regard to the purpose of the fund as set out in section 18(1) of the Act and the payment requirements of the fund as provided for under section 20 of the Act, provided the level of risk to the moneys held or invested is acceptable to the NPRF commission. The commission which, under the legislation, is independent of the Government, controls and manages the fund with discretionary authority to determine and implement its investment strategy.

Some so-called ethical investment funds have performed well in the past and may continue to do so. The national pensions reserve fund commission has discretion to allow its investment managers to invest in the sectors it sees fit to maximise the return to the fund consistent with prudent risk management. It is open to it to choose to invest in such funds should it consider it consistent with the goal set for it in the legislation.

I do not propose to amend the legislation to bring the NPRF into line with its Norwegian counterpart.