Ireland plans sovereign wealth fund

Ireland plans to set up a sovereign wealth fund next year, modelled on those in Norway and Australia. The Republic wants to channel bumper budget surpluses – expected to be €65bn between now and 2025 – into tackling long-term cost pressures such as pensions and infrastructure spending. Finance minister Michael McGrath presented a “scoping paper” on a future fund to a cabinet meeting on Tuesday. The fund will be managed by the National Treasury Management Agency, but it is not yet clear whether the NTMA will contract an asset management fund, or exactly what assets the new sovereign wealth fund will invest in. The FT (£)