Tommy Broughan (Dublin North East, Labour)
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Question 143: To ask the Minister for Finance if he will report on the National Pensions Reserve Fund. [33103/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Under the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission controls and is responsible for the investment of the National Pensions Reserve Fund. It has discretionary authority to determine and implement the Fund's investment strategy in accordance with the Fund's statutory investment policy of securing the optimal total financial return provided the level of risk to the moneys held or invested is acceptable to the Commission.

The legislation requires the Commission to make a report within six months of the end of each financial year on its activities during the year and copies of the Report are laid before each House of the Oireachtas. In addition, the Commission has decided to publish quarterly performance statements to ensure that information on the Fund is communicated to the public in a clear, timely and transparent manner.

The Commission's Annual Report 2005, published in July 2006, reports an investment return of 19.6% for the year 2005. The Commission's most recently quarterly statement reports a return of 1.3% for the first six months of 2006.

I should also add that the legislation requires both the chairperson of the Commission and the chief executive of the National Treasury Management Agency, in its role as Manager of the Fund, to appear before, and give evidence to, the Committee of Public Accounts at the request of the Committee.