Dáil Éireann Debate, Tuesday - 26 May 2026
437. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 256 of 14 May 2026, if the Exchequer cash reserves, and other liquid assets held by the National Treasury Management Agency include the €7.7 billion held by ISIF in directed funds. [38953/26]
View answerThe €7.7bn value quoted by the Comptroller and Auditor General and by the NTMA at the meeting of the Committee on Public Accounts on Thursday, 14 May last was the end-2024 value of ISIF’s Directed Portfolio.
The €7.7bn as at end 2024 was comprised of:
• ordinary shares in AIB valued at the market price of €5.31 per share;
• €5.0 billion in cash and cash equivalents, including commitments of €165 million to the SBCI; and
• a €305 million loan to HBFI.
The unaudited end 2025 value of the Directed Portfolio was €6.4bn and since the end of 2025 the value of the portfolio has been further reduced due to drawdowns to the Exchequer on foot of Directions from the Minister for Finance.
As part of Budget 2025 Government decided to use proceeds from bank share disposals to provide funding for infrastructure (water, housing and the electricity grid) which is additional to Exchequer expenditure.
For example, €514 million of the €1 billion agreed for water infrastructure was drawn down from the Directed Portfolio and paid to Uisce Eireann in 2025. The balance will be paid over the period to 2028.
In late 2025 a further €750 million was drawn from the Directed portfolio to provide funding for investment in the electricity grid.
The remaining balance of the Directed portfolio is intended to be used in support of the National Development Plan.
Following the disposals of the state’s holdings in AIB the majority of the Directed Portfolio is held in Exchequer Notes. On this basis it forms part of the Exchequer Cash and Liquid Asset Balance.
