What will the State investment fund do with all its billions?
MUCH has changed since the early noughties when then finance minister Charlie McCreevy decided to set up a National Pension Reserve Fund. It was dedicated to building up a massive pot of money over several decades, to foot the bill for public sector and state pensions.
That all came to a formal end last week, when the replacement body, the Irish Strategic Investment Fund (ISIF) was put on a statutory footing.
The NPRF was originally criticised on two grounds: it was investing most of the money in global stock markets instead of in Ireland, and we were effectively borrowing the one per cent of GDP that was put into it each year.