40. (1) The Agency shall determine, monitor and keep under review an investment strategy for the assets of the Fund (other than directed investments) in accordance with section 39.

(2) In determining and reviewing the investment strategy, the Agency shall—

(a) have regard to the Agency’s function under section 22, and

(b) seek to ensure that investments do not have a negative impact on the net borrowing of the general government of the State for any year (as arrived at in accordance with Council Regulation (EC) No. 479/2009 of 25 May 2009 as amended by Council Regulation (EU) No. 679/2010 of 26 July 2010).

(3) In determining and reviewing the investment strategy the Agency shall consult the Minister and the Minister for Public Expenditure and Reform and have regard to any views expressed by them.

(4) For the purpose of formulating views for the purposes of subsection (3) the Minister may consult with any other Minister of the Government as the Minister considers appropriate having regard to the functions of that other Minister.