Brian Lenihan Jnr (Dublin West, Fianna Fail)

It is important to note, however, that the public bodies in question have, by and large, no substantial revenue raising capacity. Therefore, an issue would arise in any event as to whether the State bore ultimate responsibility for their pension liabilities.

On the question of the taking in of assets and payment of liabilities, a decision that will have to be taken by the Government in the context of the discussions and provided an agreement is concluded is the appropriate destination for any such assets. An issue will arise as to whether the assets should be vested in the pension fund or whether, as Deputy Bruton suggests, they should be taken into the maw of the general Exchequer balance.

On the balance of the liabilities which may accrue on foot of future pension entitlements, I concur that it would be a worthwhile exercise to have a more detailed publication of these in the budgetary exercise.

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