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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.
ots Originaltext: Commerzbank AG
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