Dáil debates

Wednesday, 4 March 2009

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Bill 2009: Committee and Remaining Stages

 

6:00 pm

Photo of Pat RabbittePat Rabbitte (Dublin South West, Labour)

The Leas-Cheann Comhairle might permit me to try again. It is unlikely this provision was inserted without a reason. There must be some anticipation in this regard. If I politely probe the Minister of State, he might be extravagant in his next reply. I cannot imagine the Department of Finance putting in this provision.

I had the pleasure last night of encountering a former assistant secretary of the Department of Finance, who was quite plain in his comments. He wanted to close down the country, everything except assistant secretaries, and for it to be amalgamated into one giant HSE, which would let us solve the country's problems at a stroke. I am sure that the Minister of State, Deputy Mansergh, would not preside over such an arrangement but I find it difficult to believe that this provision is in place and not intended to be used and that nobody had in mind what was intended at the time.

I remind the Minister of State of my second question. To where will the proceeds in terms of €280 million per annum go?

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