Oireachtas Joint and Select Committees

Wednesday, 29 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Mary Harney:

In the election manifesto in 2007, we had suggested, if memory serves me right, that we wouldn't touch the National Pensions Reserve Fund, but, however, we were in an emergency and if a family's in an emergency, you find resources wherever you have to find them. And, luckily, we had that €22 billion that we had reserved. Obviously, it was to be for future pension liability. And I don't believe there was an alternative, given what was happening in the markets at the time.

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