Brian Hayes (Dublin South West, Fine Gael)

I note the comments made in the past on this matter by the Minister, Deputy Noonan. He is open to considering this. My understanding is that he will open a consultation process with the pensions industry soon, which could lead to an opportunity to use some of that resource. We are in an unusual position in that much of the pension funds that are collected here are not actually used here, as the Deputy knows.

To go back to the point made by Deputy Doherty, at a time when we have such high levels of unemployment, it makes sense to tap into the potential this could offer. There are obviously complicated factors in this regard which must be worked out. However, the Minister has said he is open to this. His consultation, as I understand it, will begin over the course of the next few months. If proposals came from the industry on how those funds could be leveraged towards investment purposes here, we are very open to that and would welcome it.

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