Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

The Minister is aware that the issue of the deficit in the ESB pension fund has been a long-running controversy and concern, and it now stands at €1.6 billion. He is probably aware that in 2010, ESB management on a solo run changed the accountancy treatment of the pension fund from direct benefit to direct contribution, shifting all the liability to the workers. In an effort to keep the liability off the balance sheet, the company subsequently borrowed very heavily on the international markets, having presented the balance sheet in an erroneous fashion. Now ESB workers have balloted for industrial action and we face the prospect of the first ESB strike in decades. The Minister's officials and the Departments which have promised dialogue have not been in touch with ESB management and unions since last June. What is the implication of this for the disposal of the assets?

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