Brian Lenihan Jnr (Dublin West, Fianna Fail)

——on income received during March but not in February. It is the Government's intention to table an earlier signature motion in the Seanad in order that the legislation will be signed by the end of the month, although I am advised that the financial resolution passed last night would secure the necessary payments in early March. Deputy Naughten is correct that overtime payments fall within the scope of the contribution.

On the issues raised by Deputy Burton, I regard the tabling of the amendment as a constructive move in that it signals the need for clear thinking on how we pre-fund public service pensions. It has always been the Government's policy to construct such a fund but, while we were able to do so during the good times, the borrowing now required for its continued funding gives rise to other issues. Equally, it is unrealistic to believe we could at this stage constitute as a fund the moneys which will accrue from this contribution.

The Government will be empowered under the legislation which we will be discussing next week to invest in ordinary shares and take share warrants in the three banking institutions in the State listed on the Stock Exchange. The State will be in a position to make investments in these institutions which will inure to the future benefit of public service pensioners.

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