Eamon Gilmore (Dún Laoghaire, Labour)

I find that reply concerning the pension issue remarkable. As I understand it, the enhanced payment to the pension fund arises directly from the fact that the retirement age of the person in question is to be reduced from 60 to 55. By any standards, an early retirement arrangement of that kind is generous and, I would think, somewhat exceptional, at a time when the Government is talking about not paying the old age pension to people until they are 67 or 68. Apparently bank executives are being facilitated to retire at 55 but the Taoiseach says that is not an enhancement of their pension arrangements. It is extraordinary logic.

Regarding the Irish Nationwide issue, I find what the Taoiseach said remarkable, namely, that he was not given any report about anything amiss or strange happening in the society, given the fact that in 2006 the Government prepared legislation and brought it to the House one night. It was at night, the day before the House rose for the summer recess in 2006. The Government put the legislation through the House in one night, legislation that was tailor-made for the enrichment of Mr. Fingleton. I find it strange, given that this legislation was introduced by the Government and approved by the Taoiseach when he was Minister for Finance, that he had no report, as he tells the House, from the Financial Regulator or the Registrar of Friendly Societies who had responsibility for building societies, the Governor of the Central Bank, or anybody else, to say that anything was amiss.

I draw to the Taoiseach's attention what one Opposition Deputy said in the House that night. He referred to Deputy Ahern who was then a Minister of State.

Why does the Minister of State appear unconcerned that the management of a building society, which until recently used practices described by an ombudsman ruling as being invalid and unlawful, may be substantially rewarded as a result of the demutualisation process?

Referring to a particular section, he asked:

What input did the board of Irish Nationwide have to a particular section of the Bill which is tailored to allow the speedy demutualisation and sale of Irish Nationwide and in the process to enrich the corporate management at the expense of the membership?

The Deputy continued by saying that late the previous year-----

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