Brian Cowen (Laois-Offaly, Fianna Fail)

My recollection of the Act that established the National Pension Reserve Fund is that the Government is statutorily obliged to transfer at least 1% of GNP to the fund per year until 2025. Therefore, in the event of there being room to so do in good times, the prospect of continuing with a contribution that is greater than 1% is a matter that is open to any Minister for Finance to decide on in any given year. I recall however, that in the fund's early years, when the state of equity and other markets was such that the return on investments was low, there was a suggestion that the Government should not be putting in as much. This demonstrates the wisdom of the provision.

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