I am hoping that the EU Affairs Committee will today approve my report on Sovereign Wealth Funds.
Sovereign Wealth Funds are state owned or directed investment funds. They are currently worth between $2 and $3 trillion to the global economy and could soon be more powerful than hedge funds. My report recommends that Ireland should develop a plan to attract more of their investment into Ireland and support EU policy to increase their transparency and support their operation across national borders.
The growing role of SWF during the global credit crunch caused some European leaders to call for greater cross border controls on these funds. As one of the smallest open economies in the world Ireland should work to ensure that this does not become EU policy. We should instead focus on increased transparency and support for these funds. The Irish Government should imaginatively seek out new sources of funding as opposed to continually relying on the tax payer. SWFs would be a new and untapped source of funding for Ireland and I hope my report will contribute to making this happen.
If the report is attached I will place it on the website as soon as I can.