Oireachtas Joint and Select Committees

Thursday, 17 October 2013

Public Accounts Committee

Forfás Annual Accounts 2012

11:05 am

Mr. Martin D. Shanahan:

Again, it depends. The figure for the future liability depends on the assumptions underlying the liability. It is primarily driven by the discount rate and we will have to decide at the end of the year what discount rate should be applied to this. It is actuarially derived. That is the liability out into the distant future in terms of pensions. It could increase in 2013 but if a higher discount rate was applied, it might reduce slightly.