Financial Measures (Miscellaneous Provisions) 2009 bill

funnyname

I spotted this on anfearrua today but it's from the middle of June and seems to have gone under the radar.

What about the rest of the insolvent pension funds, will they also be transferred to the NPRF, another short-term move by the government wwhich is going to come back and bite the taxpayer in the ass.

http://www.irishtimes.com/newspaper/finance/2009/0616/1224248899014.html

Pension assets of universities, semi-State bodies transferred to reserve fund


THE TRANSFER of pension assets from 14 universities and semi-State bodies to the National Pension Reserve Fund (NPRF) will offset the State’s annual contribution of €1.5 billion to the fund, according to a Government Bill.

Minister for Finance Brian Lenihan can take the transfer of the assets as “satisfaction or part-satisfaction” of the State contribution to the NPRF in the current year, says the Financial Measures (Miscellaneous Provisions) 2009 Bill published last week.

The Bill also states that if the value of the funds being transferred to the NPRF is greater than the scheduled annual contributions to the fund the excess can be used against Government contributions “to be paid into that fund in any subsequent year or years”.

This will enable the Government to make a substantial saving by avoiding making contributions to the NPRF. The funds to be transferred had assets worth €1.7 billion at the end of last year and liabilities of about €3 billion.

The estimate for public spending in 2009 last January included contributions of €1.58 billion to the NPRF. The Government recapitalised Bank of Ireland and Allied Irish Banks with €7 billion from the NPRF and pre-funded future contributions to the fund over the next two years.

The pension assets of Trinity College, University College Dublin, University College Cork, NUI Galway, NUI Maynooth and the National University of Ireland are to be transferred to the NPRF.

Eight pension funds within Fás, Forfas, Bord Bia, the Arts Council, Failte Ireland and Shannon Free Airport Development Company will also be transferred to the NPRF, which was set up to fund State pension and social welfare expenditure after 2025.

The transfers will will take place in 2009 and 2010, and pensions will be met on a “pay-as-you-go” basis by the State. The Government flagged the transfer of the pension funds in April’s emergency budget, saying the initial revenue and later investment returns would be offset by future payments, but the move would have a positive effect for the Exchequer.

This article appears in the print edition of the Irish Times

funnyname

Now Lenihan is saying €1.7bn of the 2009 deficit is due to funds being added to the NPRF when in fact that money came from the insolvent pensions funds of the universities and semi-state bodies, what else would you expect, they can help themselves when it comes to trying to pull the wool over our eyes.

http://www.rte.ie/business/2009/1002/exchequer.html

AlekSmart

Has anybody noticed the similarity in certain shots between Brian Lenihan and the late Tommy Cooper......?

Tommy Cooper however was an actual member of the Magic Circle whereas Mr Lenihan is merely a conjuror or 3 card trick merchant