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Third Quarter 2012 Performance and Portfolio Update. This document opens up a new window (Published 12 November, 2012)
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Second Quarter 2012 Performance and Portfolio Update This document opens up a new window (Published 19 July, 2012)
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Annual Report 2011 This document opens up a new window (Published 19 July, 2012)
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Tuarascáil Bhliantúil 2011 This document opens up a new window (Published 19 July, 2012)
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National Pensions Reserve Fund welcomes first Investment by IIF. This document opens up a new window
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Silicon Valley Bank Plans to Lend $100M to Irish Innovation Sector. This document opens up a new window
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NPRF First Quarter 2012 Performance and Portfolio Update. This document opens up a new window
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NPRF makes fourth investment in support of Innovation Fund Ireland. This document opens up a new window

The National Pensions Reserve Fund was established in April 2001 to meet as much as possible of the costs of Ireland's social welfare and public service pensions from 2025 onwards, when these costs are projected to increase dramatically due to the ageing of the population. The Fund is controlled and managed by the National Pensions Reserve Fund Commission. The Commission's functions include the determination and implementation of the Fund's investment strategy in accordance with its statutory investment policy. This policy requires that the Fund be invested so as to secure the optimal total financial return provided the level of risk is acceptable to the Commission.

The Commission performs its functions through the National Treasury Management Agency, which is the Manager of the Fund.

Under the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009, the Commission is also required to make investments in credit institutions, as directed by the Minister for Finance where, having consulted the Governor of the Central Bank and the Financial Regulator, he decides such direction as is required, in the public interest, for either or both of the following purposes:

  • To remedy a serious disturbance in the economy of the State;
  • To prevent potential serious damage to the financial system in the State and ensure the continued stability of the system.

The Credit Institutions (Stabilisation) Act 2010 also provides for Ministerial directions for the Fund to invest in Irish Government securities or for payments to the Exchequer to fund capital expenditure in the financial years 2011, 2012 and 2013. The implications of these developments for the Fundís operations and investment strategy are being considered by the NPRF Commission.

Given the directed nature of the banking investments and the fact that the Commissionís statutory investment policy does not apply to them, for management purposes, the Commission decided in early 2009 to separate the NPRF into two parts for management purposes Ė the Discretionary Portfolio (the investment of which remains the Commissionís responsibility) and the Directed Investments (where the investments are made at the direction of the Minister for Finance).