Mr. Jim Breslin:

Our view was put on the record early in this process. The Act commenced on 1 March. On 4 March, we corresponded with the Department of Finance, as it was at that stage, in response to a question that was raised about the application of FEMPI to the IBTS and the Department of Finance responded to us. On 6 April, we gave our definitive position in writing to the IBTS, which was that it needed to deduct the levy and remit it to the Department. That has been our position ever since. Predecessors of mine and Ministers have written letters on this issue. We have maintained that position. The IBTS has linked the two issues of the FEMPI reductions and the financial position of the pension fund. I do not underestimate the pension fund issue. We have actively tried to work on that with the IBTS in the latest manifestation of this process. In fairness to the IBTS, this is not simply an issue between two organs of the State as there are also employees involved. The agreement of the employees will be needed if the issues in the pension fund are to be resolved. The Workplace Relations Commission has been engaged on that part of this piece of work. I think all of us, including the two Departments and the IBTS, are optimistic that the basis of a resolution is on the table. That will require employees to sign up to revised pension arrangements. If that is done, the two Departments have indicated that a contribution towards resolving that can be made in some or in part of the €10 million that is outstanding. We would like to bring this saga to a close.