Commerzbank Aktiengesellschaft
Kohlhaussen appointed to Irish Pensions Fund Commission
Frankfurt/M. (ots)
Martin Kohlhaussen, Chairman of Commerzbank's Board of Managing Directors, has been appointed to the new Commission of Ireland's National Pensions Reserve Fund by the Minister for Finance, Charlie McCreevy. This appointment to the seven-strong Commission (of whom two others are not Irish either) is a great personal honour for Mr Kohlhaussen and reflects his standing in the international financial community.
The Commission will be responsible for controlling and managing the new National Pensions Reserve Fund, which was established by the Irish parliament last year. The fund is to build up assets which will partially finance the government's cost of social welfare and public service pensions starting in 2025. The government has already set aside more than five billion punts and will contribute one per cent of Ireland's GDP annually to the fund. The Commission members will be independent of the government and will have the authority to determine and implement an investment strategy for the Fund.
In addition to numerous other international reponsibilities, Mr Kohlhaussen serves as an official advisor to the President of the Republic of South Africa.
Commerzbank AG Tel. (069) 136-22830 Corporate Communications-Press Relations Fax (069) 136-22008 60261 Frankfurt am Main e-mail: Pressestelle@commerzbank.com Internet: http://www.commerzbank.com
Original-Content von: Commerzbank Aktiengesellschaft, übermittelt durch news aktuell