(December 6, 2012) — Assets held by the Irish Treasury to cover state pensions are also to be channelled in to small and medium-sized businesses to help boost the country’s economy.
The National Pension Reserve Fund (NPRF) is developing support pots for small business, ranging in size from €100 million to €400 million, and available as either equity investment or credit, The Irish Times reported yesterday.
This week, Richard Bruton, minister for jobs, enterprise and innovation, announced the move in a package of measures designed to stimulate growth in the country after its struggles amid the Eurozone crisis.
The fund had reached €23 billion before being pilfered by the government to bail out the nation’s collapsing banks during the height of the crisis. It now contains just €6 billion.
The NPRF is overseen by John Corrigan, one of aiCIO’s Power 100—a list of leading global institutional investors. aiCIO reported in September that the fund was refunded €2.65 million by State Street over transition management charges. Corrigan told Ireland’s Committee of Public Accounts that State Street’s actions amounted to fraudulent acts—although he admitted that the bank would argue otherwise.