Michael Ring (Mayo, Fine Gael)

We are all pleased that we will have our own bonds. Some pension companies in this country have a lot of money. Some of them have invested pensioners' money very badly. There is a great deal of concern among punters whose money has been spent by such companies. Many of them have lost a great deal of money. We were told not many years ago that the safest investment one could make in this country was in bank shares. The pension funds were very wrong in that regard. I would like to ask the Minister a straight question about Irish agencies, particularly pension funds, that may want to buy these bonds. I hope they will do so. Are these bonds safe for Irish investors? That is the question I want to ask. Are they safe for those whose money will be invested in them? We have had many bonds and many investment companies. They are like economists. One set of economists told us the boom would last until 2015 or 2016. Another set of economists said we would have a soft landing. As long as they are getting paid by the agency of the day, they will say what they are told to say. They got it wrong in the past. I want to know how safe Irish pensioners' money will be when it is invested in these bonds.

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