11.1 Assets transferred to the Fund from NPRF

Pursuant to the NTMA Act 2014, all assets of the NPRF governed by Irish law transferred automatically from the NPRF Commission to the Agency on 22 December 2014 (becoming assets of the Fund). The value of the assets transferred to the Fund was €22,153m.

11.2 Assets derecognised by the NPRF

From 22 December 2014, the NPRF Commission consists of a single commissioner (the Chief Executive of the Agency) who is required by the NTMA Act 2014 to do everything that is reasonably practicable to give effect to the legal transfer of any remaining assets governed by foreign law. The transfer of foreign assets must be done in conjunction with the relevant counterparty. This process is largely complete, and a small number of foreign assets had not legally transferred from NPRF to the Fund as at 31 December 2015. The assets of the NPRF were previously derecognised by the NPRF Commission, and are recognised and presented within the Fund’s financial statements, in line with financial reporting standards.

A breakdown of the assets remaining in legal ownership of the NPRF as at 31 December reflected in the financial statements of the Fund is listed below:

	2015 €m	2014 €m
Discretionary portfolio
Equities	-	1,084
Currency and other investment funds	-	273
Property investments	-	242
Private equity investments	-	169
Deposits, Cash and other Investments	-	2
	-	1,770
Current Assets	1	37
Current Liabilities	-	(7)
Total Assets legally held in NPRF	1	1,800

The assets above are included in the €22,153m assets transferred from the NPRF to the Fund in 2014.

As at 30 April 2016 the market value of assets remaining to be transferred to the Fund was €1m.

11.3 Transfers to the Exchequer

On 19 March 2015, €1.6bn was transferred to the Exchequer from the Directed portfolio as directed by the Minster for Finance.

On 18 December 2015, €1.9bn was transferred to the Exchequer from the Directed portfolio as directed by the Minister for Finance. This amount relates to the proceeds from the AIB preference shares redemption and associated dividends. Under the Direction from the Minister for Finance, €0.2bn of this cash was used to redeem the Minister's outstanding EBS Promissory Notes and the remainder was remitted to the Exchequer.

	2015 €m
Transfer to the Exchequer 19 March 2015	1,634
Transfer to the Exchequer 18 December 2015	1,866
Transfers to the Exchequer	3,500

11.4 Transfers from the Exchequer

On 6 November 2015, €335m was transferred from the Exchequer to the Fund (Note 14.1).

The €335m was contributed by the Exchequer for the purpose of a new Connectivity Fund within the Discretionary Portfolio. The Connectivity Fund has been earmarked for investment in projects that enhance Ireland’s physical, virtual or energy connectivity.

	2015 €m
Transfers from the Exchequer	335