The Fund had a Capital Preservation Strategy (“CPS”) in place to curb market risk while a decision was made on how the global assets would be invested while awaiting investment of capital in Ireland. The strategy for managing the global assets, the Global Portfolio Transition Strategy (“GPTS”), was approved by the Agency in Q3 2015.

In August 2015, the Fund provided a loan facility to Irish Water for €450m. At 31 December 2015, €300m was drawn down. In accordance with the Fund's accounting policies, the Irish Water loan was measured at amortised cost at 31 December 2015. It is noted that potential changes to the Irish Water business model may result from future legislative changes. The Fund continues to hold its investment at amortised cost and will review the valuation for future reporting periods in accordance with financial reporting standards and available information.

No other events requiring adjusting or disclosure in the financial statements occurred after the end of the reporting period.