Brian Cowen (Laois-Offaly, Fianna Fail)

The purpose of this discussion is to debate how to meet future pension liabilities. While the Government was putting that 1% of GNP aside, it was still running surpluses and ensuring it could operate a capital programme from cash. Now however, when I try to borrow modestly to invest ambitiously, I am criticised for the deficit that might arise as a result. It is hard to win when one goes around in a circle.

However, to make a serious comment, it is open to a Minister for Finance to increase that allocation. It cannot be less than 1% and I do not believe there is a view in the House that the Government should withdraw that statutory imperative in the interest of ensuring it does not fall down the priority list as it might otherwise do, were it to be a more discretionary option available to the Minister.

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