The Minister for Finance, Mr Brian Cowen TD, announced today (15 February, 2007) that he has appointed Mr Maurice Keane to be a member of the National Pensions Reserve Fund Commission.

Mr Keane is former Chief Executive and member of the Court of Directors of the Bank of Ireland.

The National Pensions Reserve Fund Commission is responsible for the investment of the National Pensions Reserve Fund, which was established in 1999 with the aim of pre-funding in part the future Exchequer cost of social welfare and public service pensions. The Government is required to pay a sum equivalent to 1% of GNP into the Fund each year until at least 2055. Drawdowns from the Fund are prohibited prior to 2025. The value of the Fund at the end of 2006 was almost €18.9 billion and the Exchequer contribution to the Fund in 2007 will be €1.616 billion.

In announcing the appointment, the Minister said that Mr Keane’s extensive experience and ability would be a formidable asset to the Commission as it continues with its work of ensuring that the National Pensions Reserve Fund will be in a position to make a significant contribution to the cost of future pension provision.

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