Don’t use taxpayers’ money for risky bets

Don’t use taxpayers’ money for risky bets

Isif’s dual mandate of generating returns and creating jobs has led to some costly mistakes – it should focus solely on maximising returns again

When the National Pension Reserve Fund (NPRF) was set up by Charlie McCreevy 20 years ago, it quickly became one of the world’s biggest sovereign wealth funds, with more than €20 billion invested in the shares of thousands of companies. For a number of years it grew. The trick was the NTMA’s fund managers had one goal: maximising the returns it made.

The fund was raided during the economic crisis to pay for part of...

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