Written answers

Tuesday, 13 May 2008

Department of Finance

National Pensions Reserve Fund

9:00 pm

Photo of Leo VaradkarLeo Varadkar (Dublin West, Fine Gael)
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Question 129: To ask the Minister for Finance if consideration has been given to directing part of the National Pensions Reserve Fund to the provision of micro-loans in developing countries; and if he will make a statement on the matter. [18646/08]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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Under the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission controls and manages the National Pensions Reserve Fund. The Commission has discretionary authority to determine 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. This framework has given the Commission the freedom to develop, outside of the political process, a long-term investment strategy primarily based on a diversified portfolio of real assets.

Given this commercial investment mandate, the investment portfolio of the National Pensions Reserve Fund does not include financing for micro-credit schemes in the developing world. However, the Deputy will be interested to know that a number of Non-Governmental Organisations funded by Irish Aid — which is responsible for Ireland's official overseas aid programme — are active in the area of micro-credit. In 2007, Concern Worldwide directed over €1.1 million of Multi-Annual Programme Scheme (MAPS) funding towards micro-credit schemes.

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