The Report, The Launch

21st July, 2009

I head to the EU Affairs Committee to (hopefully) have my report on Sovereign Wealth Funds agreed. As I walk in my wildest dreams are exceeded. The public gallery is thronged with diplomats, journalists and other luminaries. All here to see the report of my launch. I’ve landed on the local political stage. Saturday chat shows beckon.

Alas, it is not to be. The other item on the agenda is the pre European Council briefing from Minister Dick Roche. Upon completion of this all of the luminaries slink out!!!!!! My rightful place on the political ladder beckons.

It’s a pity they left. They would have heard an excellent discussion. Senator John Hannafin raised how these funds could be a much needed source of funding for the Irish Government. Senator Quinn questioned the degree to which it really is possible to separate political direction of these funds from political ownership. Deputy Timmy Dooley hit the nail on the head when we asked how we would feel if we woke up in the morning to find all of our banking system owned by (say) Libya.

The Report was agreed. It will be sent to the Oireachtas Finance Committee, the Tanaiste and the Minister for Finance. These funds are likely to be more important than hedge funds in the years to come.If my report just increases education about their role, advantages and disadvantages then I’ll have done a decent job.