Sovereign fund could enable LDA expand to become a state developer

Finance Minister Michael McGrath proposes to set up a long-term savings fund and an investment fund. File picture: Niall Carson/PA

The establishment of a sovereign wealth fund could see the role of the Land Development Agency expanded to become a de-facto state developer.

Last month, Finance Minister Michael McGrath confirmed he will seek Government approval for a long-term savings fund and for a second investment fund to ensure that capital spending projects were not the first to be scrapped in any future economic downturn.