Dara Calleary (Mayo, Fianna Fail)

The NTMA manages the surplus and the overall fund in terms of investing it to get a return. I was here in 2010 - when I look around I see Deputy Pat the Cope Gallagher - and that surplus can change very quickly. The whole purpose is to build up the surplus and build up the fund. The difference between now and 2010 is that it is very healthy but, on the negative side, demographics are also changing. As of today, we have four workers for everybody over the age of 66. By 2050, which is not that far away, we will have two workers, so we have got to make sure that we keep the surplus and SIF as healthy as possible. Obviously the fund is always going to be the first one that will change at any stage of a downturn. My officials are very focused on keeping it healthy and ensuring we have the best possible return in terms of any surplus.