Written answers
Wednesday, 14 September 2011
Department of Finance
National Pensions Reserve Fund
9:00 pm
Pearse Doherty (Donegal South West, Sinn Fein)
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Question 111: To ask the Minister for Finance if he will provide a detailed report on funds remaining in the National Pensions Reserve Fund and Central Bank reserves following the recapitalisation of the banks in July 2011; and if he will make a statement on the matter. [23619/11]
Michael Noonan (Limerick City, Fine Gael)
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The most recent figures for the National Pensions Reserve Fund (NPRF) published by the NPRF Commission are for the second quarter of 2011. These showed that the Fund was valued at €20.8 billion at end-June 2011, made up of €15.5 billion in the Directed Portfolio (the part of the Fund which is managed by the Commission on foot of directions from the Minister for Finance) and €5.3 billion in the Discretionary Portfolio, the investment of which remains the Commission's responsibility.
The €15.5 billion in the Directed Portfolio comprised €5.5 billion in bank investments – the value of investments in Bank of Ireland and AIB made at the direction of the Minister in 2009 and 2010 – and a further €10 billion set aside at the direction of the Minister as part of Ireland's contribution to the EU/IMF Programme of Support for Ireland. The €10 billion was subsequently used in July 2011 to recapitalise Bank of Ireland and AIB.
The value of the Discretionary Portfolio at end-June 2011 was €5.3 billion, which can be broken down as set out in the table below (figures may not add due to rounding). The Discretionary Portfolio has not been affected since that date by bank recapitalisation investments.
Asset Allocation 30 June 2011
Asset Class | € million | % of Discretionary Portfolio |
Large cap equity | 1,161 | 22.0% |
Small cap equity | 134 | 2.6% |
Emerging markets equity | 406 | 7.7% |
Quoted Equity | 1,701 | 32.3% |
Eurozone government bonds | 0 | 0.0% |
Eurozone inflation linked bonds | 73 | 1.4% |
Eurozone corporate bonds | 474 | 9.0% |
Cash | 767 | 14.5% |
Financial Assets | 1,314 | 24.9% |
Private Equity | 918 | 17.4% |
Property | 484 | 9.2% |
Commodities | 223 | 4.2% |
Forestry | 30 | 0.6% |
Infrastructure | 270 | 5.1% |
Absolute return funds | 180 | 3.4% |
Alternative Assets | 2,105 | 39.9% |
Value of €1.3bn equity market protection (put options) | 154 | 2.9% |
Total Discretionary Portfolio | 5,274 | 100.0% |
Central Bank:
Information on the Central Bank Reserves is published monthly on the Central Bank website www.centralbank.ie. At end-August 2011 the Central Bank held €1,522 million in Reserve Assets as follows:
Monetary Gold €202 million
Special Drawing Rights €695 million
Reserve Position in IMF €286 million
Foreign Exchange €339 million.
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