Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

What we do with the funds is critical. It is shameful that the fund is now depleting and we are not able to replenish it, because we are paying interest on the debt that has been unloaded onto the back of the State. Next year, we will pay €9.1 billion in interest on a debt that is, for the most part, not ours.

I do not accept the trade-off the Minister of State presents between making funds available for the budget and putting funds into the National Pensions Reserve Fund. The real trade-off is between our capacity to invest in our own economy and create jobs and our obligation to pour €9.1 billion in interest into the ECB or bondholders next year. That is the real trade-off and it is unacceptable.

The Minister of State suggests that in order to invest this money we have to have matching funds from the private sector. This is alarming, but it gets to the heart of the real debate. He is really saying the National Pensions Reserve Fund, which should be used to stimulate employment and the economy, is being used as a vehicle to privatise State assets. That is appalling. We should be using the fund for investment in projects that will create jobs and revenue for the State, and not for private interests.

There are times when we have to co-operate with other interests. I propose that the Government revoke, and stop granting, all licences to private multinational oil companies for the development of our gas and oil reserves and meet the Norwegian Government and Statoil to discuss an arrangement for both states to co-operate, possibly with matching funds, in exploring oil and gas reserves in a way that would benefit this State and create employment. Earlier today, the Taoiseach mentioned Norway. Such an arrangement would be a far superior way to develop our natural resources and would be a good project for investing some of the money in the fund.

Why does the Government not invest some of the fund in social housing, which we know would generate rental revenue and reduce rent allowance payments to private landlords? We do not need private partnership for that. The State could and should to it. It would be a sure-fire winner, providing for our citizens, bringing revenue back to the State, replenishing our funds and providing money for the Exchequer.

Instead of selling off Coillte to private interests, why does the Government not invest in the development of our forestry? Last week, I attended a meeting where someone who knows about the woodlands explained in much detail how we could create 100,000 jobs over ten years if we developed our forestry to the same level as Switzerland. We have a 10% tree coverage in Ireland. Switzerland, a much smaller country, has 30% and most of that is state forestry. Huge industry spin-offs and employment are generated by the development of Switzerland's forestry. This would be a sure-fire winner if it were done properly. Why do we not invest in it?

Why is there not a State programme, using these funds, to develop the insulation of houses and properties across the State? That would put people back to work and reduce the energy costs of the State?

If all of those things were done seriously by the State they would save funds and generate funds for the State. We do not need private partners. The Minister said that even on something as small as traffic-----