Willie O'Dea (Limerick City, Fianna Fail)

The Minister also made the point that much of this money is invested abroad. All I can say is that with approximately 80% of defined benefit schemes under water at present it is just as well it is invested abroad. Anyway, the Government can change the rules. The trustees are bound by a specific set of rules relating to where they can invest. It is not a question of people being unpatriotic or taking money out of the country and that bringing in this levy will somehow make them more patriotic by bringing some of it back forcibly.

The other interesting point raised by the Minister related to the future of tax relief. I have heard the Taoiseach on at least two, if not three, occasions answering questions on the Order of Business. I noted carefully what he has said on this topic. He stated that the pensions industry approached the Government - as I understand it, they approached the last Government - and stated this was a preferable way to get revenue from that source rather than changing the tax relief.

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