Michael McGrath (Cork South Central, Fianna Fail)
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135. To ask the Minister for Finance the value of the discretionary portfolio including cash balances held by the National Pension Reserve Fund; when he expects the portfolio to be liquidated; and if he will make a statement on the matter. [32486/14]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the National Treasury Management Agency (NTMA), the manager of the National Pensions Reserve Fund (NPRF), that the discretionary portfolio of the NPRF was valued at €6.9 billion as at 31 March 2014,  of which cash balances amounted to €2.7bn.

The legislative proposals to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the NPRF and have a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland are expected to be enacted shortly.  The existing global and Irish assets of the NPRF will be transferred to the ISIF once the relevant Commencement Order is signed by the Minister. The global assets will be liquidated over time as suitable Irish investment opportunities arise and are developed.

I might add that more than 70% of the Discretionary Portfolio's assets (€5.5bn as at 31 March 2014) can be realised in less than 30 days, so liquidity should not be an issue for the ISIF.