Brian Hayes (Dublin South West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I could be very cheeky and say that question is above my paygrade at present.

The issue is to get the money back first, or get the scheme through which we can get the money. Then we can worry about where to put it.

It was a very good idea of Charlie McCreevy's to put money aside in good times. It was a rainy day fund and, boy, have we seen rain in the last number of years. The situation would be inordinately worse if the National Pensions Reserve Fund were not in place to help the country out of the greatest crisis since Independence.

The key task for Government next year is to continue our negotiations and bring them to a successful conclusion. As to the composure of a deal on the bank recapitalisation side, we will have to wait and see. I prefer to get the deal done first and worry about where we put the money later.

There is an outstanding pension liability for the future. Last year, the Minister for Public Expenditure and Reform put in place a new model single-tier pension scheme that replaces the termination average with a career average. As a result, the State's pension liability for people coming into the Irish public sector will be reduced by approximately 35% in the future. That is a significant reform which the Minister, Deputy Howlin, has led. On the other side, we still face a liability. Any sensible Government, if it got the money back, would put some of the money aside to meet the future pension liability.