Brian Lenihan Jnr (Dublin West, Fianna Fail)

Borrowing plans are not being formulated in light of the existence of this fund. The details of the borrowing in which we will have to engage next year are a matter for the Budget Statement but, as far as this matter is concerned, discussions with the relevant institutions are at a preliminary stage. I am sure Deputy O'Donnell has noted from my reply that a difficulty exists in EU law which must be addressed. The position of the Exchequer in regard to the payment of these pensions in the future is cost neutral. We may have to engage in an exercise involving the consolidation of the existing assets of the colleges with the Exchequer or other relevant designated parts of the public financial system under the direction of my Department.

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