Written answers
Tuesday, 9 May 2023
Department of Employment Affairs and Social Protection
Social Insurance
Rose Conway-Walsh (Mayo, Sinn Fein)
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407. To ask the Minister for Employment Affairs and Social Protection the total amount stored in the Social Insurance Fund investment account; the amount stored in NTMA-issued Exchequer notes for the most recent five years for which data is available, in tabular form; and if she will make a statement on the matter. [21381/23]
Heather Humphreys (Cavan-Monaghan, Fine Gael)
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Set out below in tabular format is the total amount stored in the Social Insurance Fund (SIF) investment account and in NTMA issued Exchequer notes at the 31 December for the years 2018 – 2022.
| Year End | Social Insurance Fund Investment Account balance (€000) | NTMA Exchequer Notes (€000) |
|---|---|---|
| 2022 | 1,810,000 | 1,810,000 |
| 2021 | 0 | 0 |
| 2020 | 0 | 0 |
| 2019 | 3,580,000 | 3,580,000 |
| 2018 | 2,065,000 | 2,065,000 |
The SIF operates under the terms of the Social Welfare (Consolidation Act), 2005, as amended. Moneys not required to meet SIF current expenditure requirements are transferred from the current account to the investment account. The investment account is managed and controlled by the Minister for Finance.
During 2020 the COVID 19 Pandemic was the primary cause of the full depletion of the SIF investment account.
The SIF returned to a surplus in 2022 allowing the transfer of funds in excess of expenditure requirements to the investment account.
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