Written answers

Wednesday, 5 October 2011

Department of Finance

Household Savings

9:00 pm

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context

Question 82: To ask the Minister for Finance the full extent if known of savings held here; if incentives can be introduced to encourage the investment of such savings in a strategic fashion to benefit the economy directly; and if he will make a statement on the matter. [27890/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

According to the CSO's quarterly Institutional Sector Accounts, household savings during the first quarter of 2011 were €2,761m. Looking at the stock of household deposits, according to figures from the Central Bank (Money and Banking Statistics, June 2011 – Table A1), monies on deposit amounted to €92,215m at end June 2011.

The Deputy will be aware that the NTMA, through the State Savings brand, offer's a suite of personal savings products which are used to finance the exchequer.

With regard to investment in a strategic fashion, the Deputy will also be aware that the Government recently announced the establishment of NewERA and the Strategic Investment Fund under the National Treasury Management Agency (NTMA).

Using the proceeds of the sale of State assets and subject to the agreement of the external partners, NewERA will work with line Departments and the private sector to develop and implement proposals for commercial investment in line with Programme for Government commitments in the areas of energy, water, broadband and bio-energy and forestry.

NewERA will also examine other commercial investments and build upon existing work by the NPRF by working with it to develop the Strategic Investment Fund.

The Strategic Investment Fund, which will be the forerunner of the Strategic Investment Bank, will, following appropriate legislative changes to the investment policy of the NPRF, channel commercial investment from the NPRF towards productive investment in the Irish economy. As well as money from the NPRF, the Strategic Investment Fund will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy.

Comments

No comments

Log in or join to post a public comment.