Mary Hanafin (Dún Laoghaire, Fianna Fail)

The Department of Finance is responsible for drawing up regulations under the pension insolvency payment scheme. Officials from that Department have been working on the scheme over the summer because technical issues have arisen. However, they continue to make progress on it. The fact that regulations are not in place has not impacted on the funds because it is not as if they have not been wound up. The fund managers know the scheme is coming and the funds will be included in the scheme if they qualify. That is the nub of the issue for one of the companies mentioned by the Deputy. The double control provided for in the scheme requires that the company be insolvent and the pension scheme be in deficit. My understanding is that Waterford Crystal meets these requirements but, unfortunately, the SR Technics company does not qualify because it is not insolvent.

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