Michael Ring (Mayo, Fine Gael)

Will the Minister confirm that people who pay the universal social charge, which is paid into the social insurance fund, will qualify for a contributory old age pension? This charge is to be levied on judges and politicians and it is going directly into the social insurance fund. Will they be able to draw out of the fund? Payments to the social insurance fund have always entitled those who make the payments to a contributory old age pension. Will this entitlement apply to those who pay the universal social charge?

What interest rate will be charged on the bonds it is proposed to offer? There is a massive amount of money in savings accounts. Could these bonds not be offered to people who have savings? We will be paying the IMF and the EU 5.8% interest on money borrowed. Why not ask Irish people to buy bonds? People who have money in savings accounts might be prepared to invest if they got a fair return for their investment. If we are prepared to pay 5.8% to the Germans, the British or others, why not give 6% to Irish people and let them assist the country and make a profit at the same time, rather than have brokers in Germany or Britain making a profit.

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