Brian Cowen (Laois-Offaly, Fianna Fail)

I obviously paid the Deputy a compliment he could not accept. This is a matter of complexity and importance which looks to the long-term financial, economic and social sustainability of the pension system. It must take into account many factors, including the actuarial review that has taken place with regard to the PRSI system. A number of major documents were published and placed in the public domain yesterday for discussion by the many interested parties involved. The Minister has indicated that it will take until the middle of next year for that informed discussion to take place. It is important we get it right because of the significant implications. Making wrong decisions would have serious implications, not just in the immediate future for our finances, but also in the long term. People should first consider and absorb the important work that resulted in the publication of the Green Paper. We must look at all the options and measures for consideration before deciding on the direction we should take. It is about a strategy for the long term, not the next two, three or four years. While successful initiatives were brought forward which increased the savings ratio in the economy and reintroduced a culture of saving to this generation in a way not envisaged before their success, the Opposition did not agree with some of them and suggested some had not been properly set up. However, they proved very successful. Rather than seeking immediate decisions on the publication of a Green Paper, it would be better if everyone internalised and debated the matter. We would then have a better prospect of coming to the right strategic decisions in due course.

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