Funds Administration Unit

Definition

The Funds Administration Unit in Ireland is a specialised division within the National Treasury Management Agency (NTMA), whose role is to manage and administer various state funds and programs, ensuring efficient and transparent financial management. 

What is the Funds Administration Unit?

The Funds Administration Unit plays a key role in the financial infrastructure of Ireland, ensuring that state-managed funds are administered with diligence, transparency, and a focus on achieving positive economic outcomes.

One of the key responsibilities of the Funds Administration Unit is managing the Ireland Strategic Investment Fund (ISIF). The ISIF aims to invest in projects that promote economic activity and employment in Ireland. The unit handles the day-to-day administration of these investments, including monitoring performance and ensuring compliance with relevant regulations.

The Funds Administration Unit also manages other significant funds and financial programs which reallocates unclaimed funds from dormant accounts to social and economic initiatives. Additionally, it supports projects aimed at reducing greenhouse gas emissions.

By efficiently managing these funds, the Funds Administration Unit contributes to the broader economic development goals of the Irish government. It makes sure that public funds are invested wisely and that their impact is maximised, supporting initiatives that drive sustainable economic growth and public benefit.

Example of the Funds Administration Unit

A renewable energy company in Galway is seeking funding to develop a new wind farm project. The company applies for investment support from the Ireland Strategic Investment Fund (ISIF).

The Funds Administration Unit evaluates the project and decides to provide the necessary funding due to its potential economic and environmental benefits. With this investment, the renewable energy company can proceed with the wind farm development, leading to increased production capacity, job creation, and contributions to Ireland’s renewable energy goals.