New Strategic Investment FundPosted 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.