Keane becomes member of NPRF

MAURICE KEANE is to become a member of the National Pensions Reserve Fund Commission.

He was appointed by Finance Minister Brian Cowen it was announced yesterday.

Mr Keane is former chief executive and member of the Court of Directors of the Bank of Ireland.

The National Pensions Reserve Fund Commission is responsible for the investment of the National Pensions Reserve Fund, which was established in 1999 with the aim of pre-funding in part the future Exchequer cost of social welfare and public service pensions.

The Government is required to pay a sum equivalent to 1% of GNP into the fund each year until at least 2055.