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

In 2010, the ESB management without agreement of workers or unions changed the treatment of the pension fund for the purposes of cleaning up its balance sheet. The Government had to sign off those accounts so I do not accept the Minister's position of not commenting on the matter. He should do so and he must do so, and I hope he will take the opportunity today to speak on it.

Was the Minister or the Government aware of the change in the treatment of the pension fund? It was not minor but it was a very significant shift in how the pension and its deficit were accounted for. The Government signed off on that but was it aware of the implications when it did so? Does the Minister appreciate the implication for the workers in the ESB, who now find themselves in a position where the management wishes to shift the burden of all that deficit on to their shoulders? This relates directly to any proposed disposal of any part of this State asset. Does the Minister appreciate the gravity of a position where a semi-State company alters its balance sheet in this manner to affect its credit rating for borrowing on the international markets? These are serious matters in the public domain and I do not accept that the Minister cannot comment on them.

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