Directed EU IMF Portfolio

Background

Further to the announcement in late November 2010 that the National Pensions Reserve Fund would provide up to €10 billion of the State’s €17.5 billion contribution to the €85 billion EU/IMF Programme of Financial Support for Ireland ("the Support Programme"), the Fund during 2011 to date has liquidated assets to enable this contribution to be made. As part of a risk management strategy which had the objectives of raising the required cash while preserving the value of the remaining assets and on foot of Directions from the Minister for Finance, €10 billion in cash has been realized, comprising €5.5 billion in March 2011 and €4.5 billion in April 2011.

Directed EU/IMF portfolio holds €10 billion in cash as at 30 June 2011.