Éamon Ó Cuív (Galway West, Fianna Fail)

The Deputy has asked many good questions. I would like to see the risk profile lowered and I will be talking to the new chairperson of the Pensions Board this week, as I believe that the pensions issue is very important. The first pension for most people is the contributory old age pension, and the objective is to maintain that at 35% of the average industrial wage. That is the first priority because we must ensure that the most universal pension is protected.

I am a little bit surprised at the question about the risk profile. The Government has been accused of not taking away policies because we ensured that people's investments in banks, bonds and so on were secure. Proposals are being put about by people that we should have put those bonds at risk. This would have meant that even what were considered safe investments would have become risky. The Government policy has been quite clear. We believe that what were considered safe investments by pension funds should remain safe investments, and that this would extend to bonds held in Irish banks, as well as to deposits held in Irish banks. This is fundamental to ensuring that safe investments continue to be considered safe.

The primary responsibility for the oversight of pension funds rest with the Pensions Board, but I will entering into discussions with the board and if there is a need for further changes, I will certainly look at them.

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