Brian O'Shea (Waterford, Labour)

First, I understand Irish private pension schemes have some €20 billion invested in the bonds of other states, particularly German and French bonds with a return of some 2% to 3%. Obviously, the spread on Irish bonds is much higher than that. Has the Minister proposals to make it attractive for these pension funds to invest in Irish bonds? It would seem that this would be a win-win situation because 75% of our private pension funds are in deficit at present, and a higher return would help to bridge that gap.

Second, personal savings increased by some 13% last year and this increase is continuing. I understand some €100 billion is in private savings in this country. Has the Minister proposals to attract that money into the Exchequer to help with the problem of having to pursue borrowings at very high interest rates?

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