Mr. Martin D. Shanahan:

I wish to clarify that the term "net deficit" may be a little misleading. The figure refers to a future liability that is actuarially derived and based on a number of assumptions, out in the future, for all of those pensioners. In that regard, the State does have a future liability. However, it is not a deficit in a sense because there is not a gap, at present, between the liability. The asset that is capitalised on the balance sheet is the State's continual obligation to pay those pensions. Forfás has no reason to believe that such a practice will be discontinued. Obviously there is a broader issue.