Written answers

Wednesday, 18 April 2012

Department of Finance

International Agreements

10:00 pm

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail)
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Question 27: To ask the Minister for Finance the potential benefits to the State arising from the agreement signed between the National Treasury Management Agency and the China Investment Corporation; and if he will make a statement on the matter. [19285/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am informed by the National Treasury Management Agency (NTMA) that the Memorandum of Understanding (MOU) signed between the National Treasury Management Agency (NTMA) and CIC International, a subsidiary of China Investment Corporation, China's sovereign wealth fund, provides that the parties will seek to work together in exploring investment opportunities in Ireland. The MOU builds on the existing dialogue between the NTMA and CIC International, and provides a framework for future co-operation in terms of exchanging information and identifying suitable investment or co-investment opportunities for CIC in Ireland.

The NTMA believes the MOU represents a major initiative for enhanced co-operation and engagement in areas of common interest. CIC International is a financial investor and seeks stable and sound financial returns over the long run. It believes the MOU will be of valuable assistance to it in identifying and assessing potential opportunities in Ireland.

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