Jim O'Keeffe (Cork South West, Fine Gael)
Link to this: Individually | In context

Question 277: To ask the Minister for Finance the position in relation to forestry investment by the National Treasury Management Agency; if such investments have been made; and the details thereof. [19611/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

I presume the Deputy is referring to the National Pensions Reserve Fund Commission, which is responsible for the investment of the National Pensions Reserve Fund. The Commission is independent of Government in the exercise of its functions. It controls and manages the Fund with discretionary authority to determine and implement the Fund's investment strategy in accordance with the Fund investment policy set out in the National Pensions Reserve Fund Act 2000. This investment policy is based on a commercial investment mandate with the objective of securing the optimal return over the long term subject to prudent risk management. Under the legislation, the Commission is required to publish its Annual Report and Accounts within six months of the end of the financial year to which they relate. The Report is required to contain a detailed list of the Fund's assets at year-end. In its Annual Report for 2004 (the most recently published) the Commission announced that, in the context of broadening its asset allocation strategy to include new asset classes, it intends to invest in forestry.