Does anyone know what the investment portfolio of the NPRF holds and its current worth? Dont we have about a years GDP in there?
Not as far as I know, might have €15 - 20bn or so.
~2 months GDP
€18 billion available there.
poof! It’s gone before Christmas.
Maybe I’m being optimistic, but I read that to mean:
Since we can’t issue 3 month, 6 month bonds etc to get us to the end of year returns, stuff in the NPRF can be used as collateral to maintain the government’s current account during the year.
What it probably means is:
To avoid angering our European overlords, when our estimates are shown to be rubbish, we will raid the NPRF to fund current expenditure and keep the draw down on the IMF loan consistent with the estimates.
Would it also reduce the debt to GDP ratio?
Perhaps the NPRF has loaded up on Irish CDS these last few years…and is ready for a credit event bonanza. Playing the ECB for fools.