Richard Bruton (Dublin North Central, Fine Gael)

Why does the Minister have a 2007 valuation on the assets side and a 2005 valuation on the liabilities side? If the Minister has made a formal proposal to take on these funded schemes without knowing what are their net liabilities, it indicates the Department does not assume liabilities with a great deal of foresight.

Is it not bizarre that when the State takes on liabilities of this nature, recognition is not given to the budgeting position? The €2.3 billion in assets the Government will take in will appear as a reduction in its borrowing requirement, whereas the liabilities it proposes to assume, the value of which will clearly exceed €2.3 billion, will not be accounted for anywhere in the Government's budgeting statements. Is this not a wake up call to factor pension liabilities into our annual Budget Statement in order that we know what they are and what new liabilities we assume when we employ people or make a decision such as that proposed in this case? Surely the current position must change.

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