Written answers
Tuesday, 24 February 2015
Department of Finance
National Pensions Reserve Fund Investments
Pearse Doherty (Donegal South West, Sinn Fein)
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241. To ask the Minister for Finance if he will provide, in detail, all the spending and investments from the National Pensions Reserve Fund's discretionary portfolio; including the Ireland Strategic Investment Fund since March 2011, showing the balance at the end of each year, and as of 1 February 2015. [8079/15]
Michael Noonan (Limerick City, Fine Gael)
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The Deputy will already be aware that the assets of the National Pensions Reserve Fund (NPRF) became assets of the Ireland Strategic Investment Fund (ISIF) on 22 December 2014, except for assets governed by foreign law which remain NPRF assets until their transfer. The ISIF will be used to make commercial investments that support economic activity and employment in Ireland. For the purposes of this material, the asset analysis is based on a combination of both funds.
The National Treasury Management Agency (NTMA) has advised that the preliminary value of the discretionary portfolio held by the ISIF/NPRF as at the 31 December 2014 is €7.2bn (this is a preliminary unaudited figure). The detailed schedule of investments as at 31 December 2014 will be included in the Fund's Annual Report, which will be published before the end of June 2015, in accordance with statutory requirements.
The Discretionary Portfolio Asset Allocation as at 31 December 2014 is set out as follows:
| Asset Class | Value (€m) | % of Discretionary Portfolio |
|---|---|---|
| Large Cap Equities | 1,281 | 17.9 |
| Small Cap Equities | 239 | 3.3 |
| Emerging Market Equities | 255 | 3.6 |
| Total Quoted Equities | 1,775 | 24.8 |
| Value of Equity Put Options | 31 | 0.4 |
| Inflation Linked Bonds | 148 | 2.1 |
| Corporate Bonds | 1,378 | 19.2 |
| Cash & Cash Equivalents | 2,403 | 33.6 |
| Total Financial Assets | 3,929 | 54.9 |
| Private Equity | 234 | 3.3 |
| Property | 244 | 3.4 |
| Commodities | 307 | 4.3 |
| Infrastructure | 369 | 5.2 |
| Absolute Return Funds | 274 | 3.8 |
| Total Alternative Assets | 1,428 | 19.9 |
| TOTAL DISCRETIONARY PORTFOLIO | 7,162 | 100.0 |
The NTMA will report on ISIF investments on a quarterly basis in summary form and in detail at year end, therefore the next data published will be as at 31 March 2015.
A detailed schedule of investments is included in the annual report and financial statements for the NPRF for the year-ended 2011, 2012 and 2013 in the section "Portfolio of Investments". The expenditure incurred in 2011 and 2012 can be found within note 6 to the respective financial statements. The expenditure incurred in 2013 can be found within note 5 to the 2013 financial statements. The expenditure incurred in 2014 is being finalised as part of the ongoing year end accounting process.
The link to each report on the NPRF website is as follows:
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