Michael McGrath (Cork South Central, Fianna Fail)
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47. To ask the Minister for Finance further to Parliamentary Question No. 275 of 21 May 2013, if he will confirm that the proceeds of the sale of Bank of Ireland preference shares will accrue to the National Pension Reserve Fund, if the proceeds will then form part of the resources available for the Ireland Strategic Investment Fund which is being established; and if he will make a statement on the matter. [53454/13]

Michael Noonan (Limerick City, Fine Gael)
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I can confirm to the Deputy that I have given instructions that the proceeds arising from the Bank of Ireland preference shares transaction should remain with the National Pensions Reserve Fund for the time being. No decision has yet been made whether the proceeds will form part of the resources of the new Ireland Strategic Investment Fund. Further consideration will be given as to how best to utilise the proceeds having regard to the NTMA’s debt management plan and the future profile of our cash balances.