Brian Lenihan Jnr (Dublin West, Fianna Fail)

He did not express his opinion to me and I had not read the article to which Deputy Burton drew my attention. My officials did not draw his opinion to my attention either and the Central Bank Commission has no function in the operation of the NTMA. It is important that those we appoint to bodies have opinions of their own and it does not lessen in any way the respect I have for Professor Fitzgerald that he expressed such an opinion. That is exactly what it is - an opinion - and the views of the analysts in the article referred to by the Deputy are also opinions. That is their status. I have confirmed the official position, that there was no such instruction to the NTMA, and it has not suggested to me that any such contingency is being planned for. I can only answer from the facts at my disposal in the NTMA.

On the Labour Party proposal on the use of the pension fund, the fund's credibility in world markets depends on its commercial use. It must be demonstrated that it ensures a return to itself in terms of its use and I fear, although I am open to examining the Deputy's proposal, that the structure is one where the funds of the pension fund would be re-routed through another vehicle without any return to the pension fund.

I am prepared to examine any proposal for the constructive use of the funds at the disposal of the NPRF.

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