Joan Burton (Dublin West, Labour)

Does the practice described not sound a little like Enron accounting? One takes in the assets on one's vehicle, namely, the national accounts, while the liabilities are left hanging out in a little note. Enron used to do this and it was one of the factors that brought down the company. Funny accounting, like funny financial products, has had its day.

The Minister and his colleague, the Minister for Social and Family Affairs, announced this measure as a great coup in a note published around the time the Dáil went into recess in July. We now learn the Minister is having some thoughts — correctly — about what the exercise entails. Has he established whether any of the pension schemes involved are in deficit? Is the Department in negotiations, formal or otherwise, with the trade unions, including the trade unions represented among the pension trustees of the funds in question? If the Minister decides to proceed with this proposal, will legislation be required and, if so, when will it come before the House?

See this speech in context