14.1 Minister for Finance

Ownership of the Fund vests in the Minister for Finance pursuant to section 38(3) of the NTMA Act 2014.

Under section 46(1) and 46(2) of the NTMA Act 2014, the Minister for Finance may make payments into the Fund from the Central Fund. Where the Minister proposes to make a payment into the Fund, the Houses of the Oireachtas must pass a resolution approving the payment before the Minister can process the payment (Note 11.4).

14.2 National Treasury Management Agency

The Fund is controlled and managed by the Agency pursuant to section 41(1) of the NTMA Act, 2014.

The NTMA Investment Committee is a statutory committee provided for by the National Treasury Management Agency Act, 1990 (as amended). The Committee assists the Agency in the control and management of the Fund by making decisions about the acquisition and disposal of assets within such parameters as may be set by the Agency, advising the Agency on the investment strategy for the Fund and overseeing the implementation of the investment strategy. The Agency has delegated investment decisions up to €150m to the Committee. Proposed investments in excess of €150m are referred to the Agency with a recommendation from the Committee.

The Investment Committee is required to comprise of two appointed members of the Agency and not more than five persons who are not member of the Agency but who have acquired substantial relevant expertise and experience and who are appointed by the Agency with the consent of the Minister for Finance.

Under section 48 of the NTMA Act 2014, the expenses of the Agency are defrayed from the Fund. For the year ended 31 December 2015 these expenses were €8.7m (22 - 31 December 2014: €182k).

Key management personnel

The Agency is governed by the Agency members and the administration and business of the Agency is managed and controlled by the Chief Executive. The Chief Executive and the Agency members have the authority and responsibility for planning, directing and controlling the activities of the Agency and therefore are key management personnel of the Agency. Please refer to the NTMA Administration Account financial statements for key management personnel compensation.

14.3 Strategic Banking Corporation of Ireland

The Fund and the Strategic Banking Corporation of Ireland are both under the control of the Minister for Finance.