11.1 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 2016. 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:

11.2 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.

11.3 Transfers from the Exchequer

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

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.

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