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Investment of Fund
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8. (1) Without prejudice to subsection (3), moneys in the Fund shall be placed in deposit accounts in a financial institution of any kind or invested in fixed income financial instruments or products, which may include Irish sovereign debt, and any income received in respect of moneys placed or invested under this subsection shall be paid into the Fund or placed or invested under this subsection.
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(2) In placing moneys in the Fund on deposit or investing such moneys in fixed income financial instruments or products, the Minister shall have regard to—
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(a) the need to conserve, to the extent possible, the full nominal value (as of the date of such placing or investing) of the Fund, and
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(b) the rating of the proposed financial institution or, as the case may be, the rating of the issuer of the fixed income financial instruments or products,
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but this is subject to subsection (3).
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(3) If it is not possible to conserve the full nominal value of the Fund (as of the aforementioned date) when placing the foregoing moneys on deposit or investing them in fixed income financial instruments or products, the Minister—
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(a) shall, in determining with which financial institutions to deposit, or in which fixed income financial instruments or products to invest, the moneys, have particular regard to the extent to which the Exchequer would benefit by the moneys being placed on deposit in the Central Bank of Ireland or their being invested in Irish sovereign debt, and
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(b) if, having had regard, as mentioned in paragraph (a), to the matter referred to in that paragraph, he or she considers it appropriate to do so, may place the moneys on deposit in the Central Bank of Ireland or invest them in Irish sovereign debt.
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(4) In this section “Irish sovereign debt” means debt instruments issued by the State.
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