Paul Connaughton Snr (Galway East, Fine Gael)
Link to this: Individually | In context

Question 121: To ask the Minister for Finance if progress has been made in drawing down pension reserve moneys for the funding of PPP projects. [33168/06]

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

The National Pensions Reserve Fund Commission controls and manages the National Pensions Reserve 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.

With regard to commercial investment in public sector projects in this country, the Commission has stated that it will make equity and/or debt finance available to the winning bidder in the tender process for public-private-partnership projects, provided it is satisfied with the prospective rate of return. I understand that, to date, no moneys have been invested by the Commission in any such projects.

I would also note that lack of capital is not an issue with Ireland's PPP programme and the success or otherwise of the programme is not in any way dependent on investment by the National Pensions Reserve Fund.