Monday September 21, 2020

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

Ian Guider

Markets Editor

5th May, 2019
Michael Noonan: the former minister for finance was able to use the National Pension Reserve Fund to plug some of the financial holes that appeared during the economic crisis

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...

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