Brian Lenihan Jnr (Dublin West, Fianna Fail)

The figure for the Irish Nationwide Building Society was put this morning. I appeal to Deputies to be careful on this subject for the following reason. I say this in an entirely non-partisan way. One of the defects in the Standard & Poor's evaluation was a complete refusal to acknowledge the existence of a national reserve in the form of the National Pensions Reserve Fund. Given that such an institution is almost unique in European countries, it was not acknowledged in the rating assessment. Hence if figures are beamed abroad that the total cost of the bank investment made by the State is, for example, the €50 billion Deputy Burton mentioned, in the international assessment no account is taken of the fact that part of it was not funded from borrowed money but was funded from existing State resources. We know the policy in that regard, established by legislation, that only companies listed on the stock exchange can be invested in. The account is capital investment for GGB purposes and does not go onto the general Government balance. Clearly the National Pensions Reserve Fund could not be used in the context of Anglo Irish Bank or the Irish Nationwide Building Society. I make that point because some international reports naturally and properly try to estimate the total cost but do not take into account that fact.

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