Micheál Martin (Cork South Central, Fianna Fail)

The Taoiseach is aware that the programme for Government contains clear promises on budget matters. It declares, "We will open up the budget process to the full glare of public scrutiny in a way that restores confidence and stability". It promises to publish all of the assumptions upon which budget proposals are based.

The first test of this commitment is the handling of the jobs initiative and for the last three weeks the Opposition, the media, the pensions industry and pensioners have been seeking basic information from the Government concerning the decision to impose a €1.8 billion levy. What we have been looking for is not exceptional. We are simply looking for the analysis carried out for the Government on the impact which the levy is likely to have. Before the House implements the levy, we are entitled to know what the Government believes the impact will be on personal pensions, on the incomes of older people and on the pensions industry itself.

In a written reply last night to a question from Deputy Michael McGrath, the Minister for Finance made the remarkable admission that he has had no communication whatsoever with the Pensions Board before making this decision. The Pensions Act states, as the first function of the board, that it will both monitor and supervise pensions developments, and it explicitly envisages that the Minister for Finance should seek advice from the board. The Taoiseach has repeatedly stated-----

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