Michael McGrath (Cork South Central, Fianna Fail)
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40. To ask the Minister for Finance if proceeds from the sale of NPRF's discretionary portfolio will be available for investment in a manner similar to the proceeds from the sale of the directed portfolio; and if he will make a statement on the matter. [26287/14]

Michael Noonan (Limerick City, Fine Gael)
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The National Treasury Management Agency (Amendment) Bill 2014, published on 16 May 2014, proposes to  establish the Ireland Strategic Investment Fund (ISIF) which will absorb the assets of the National Pensions Reserve Fund (NPRF).

Under the proposed legislation, where the Minster for Finance directs the National Treasury Management Agency to dispose of directed investments, the Minister may direct that the proceeds of the sale are to be paid to the Exchequer or invested in Irish Government securities, or that they are to be held pending payment to the Exchequer or investment in Irish Government securities.