Dail NTMA speech

New Strategic Investment Fund

Posted May 30th, 2014

The National Treasury Management Agency (Ammendment Bill) 2014 is currently going through the House. This Bill, when enacted, will create the new €6.8 billion Ireland Strategic Investment Fund which is being created as a new national investment vehicle using the proceeds of the former National Pension Reserve Fund.

At second stage debate I spoke on this important legislation and made the following points (click here to watch a video of my contribution):

That employment practices in the NTMA should be examined and replicated across the civil service and public sector given the success of this state organ through the crisis and after;

A strategic investment fund should be seen as a long-term investment as opposed to spending, and that is must be invested based on an expected return and not used for political or other purposes;

That the fund should have an ethical investment policy to prevent the state from investing in companies that manufacture certain devices, for example nuclear weapons.

I also raised the possibility of using circa 7% of the €20 billion that the NTMA has ass cash on balance in the upcoming budget as a tax relief dividend for people earning €32,800 or more.

I will be tabling an amendment to this Bill regarding the ethical investment policy proposal. This amendment will be based on the legislation I produced previously on this matter. You can find out more here: ethical investment policy.