Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

It is important to point out that the pensions regulator is independent and that we have an independent regulatory system for pensions. In Ireland, we are all suffering the consequences of the bad financial regulation of the banks, when the Financial Regulator did not require the banks to make proper provision for losses. I suppose what the pensions regulator is trying to do is to ensure that does not happen in the case of pensions and that they are properly funded. When many of these pension funds were established, it was not thought that people would live so long. Thankfully, now they do. Also, the contributions being made by employers and employees were inadequate over the years. This of course has had to change.

With regard to the issue of the funding standard, the reply given to me by the Department means that even if there was not a funding standard, it would still be the responsibility of the trustees and employers to make sure the scheme was properly funded. With regard to the NTMA bonds, this is something new, but it has the potential to work well. The NTMA offers a good interest rate on those bonds.

I cannot make any comment on the budget. As the Deputy knows, last month we had the highest consumer confidence recorded in five years, albeit lower by historical standards. Within a month that had fallen by ten points, probably due to Ministers and others talking about child benefit cuts, property taxes and all sorts of things.

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