Mr. Seamus McCarthy:

There are four pension schemes. One was a funded pension scheme and its assets were taken to the Exchequer in 2009 with a statutory guarantee that the liabilities would be met by the Exchequer in the future. There is another scheme that also has a statutory guarantee but there are two schemes it operates that do not have a statutory guarantee. That is similar to other State bodies which also do not have a statutory guarantee. On the basis that the establishment of the schemes is statutory, there is a well-established practice that pensions are funded on a pay-as-you-go basis.

There is also the fact that employee contributions are being taken. In effect, there is an existing contract with the employees that the pension benefits will be delivered in due course. It is not within the gift of the Department to say it makes that guarantee.

My opinion is that Fáilte Ireland should be recognising a matching asset in relation to those liabilities but it takes the view it should not. That is why I am drawing attention to it.