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

I do not accept that. The Minister is proposing to oversee the sale of part of this State asset. The due diligence involved in this, from the Minister's perspective, must mean he has been through this company like a dose of salts, establishing its exact position. It is a bit hard to believe he would miss the magnitude of the hole in pension fund in the ESB. I also find it strange or remarkable that the Minister has not yet been apprised of the actions of ESB management in 2010; that was a very deliberate act to change the description and treatment of the pension fund from a defined benefit fund to a defined contribution fund. The implications for the workers are enormous, and the consequences for the company could be very significant. This company is borrowing on the international markets, based on a credit rating directly linked to its balance sheet.

The Minister is passing the buck to another Minister, Deputy Rabbitte. E-mails in the public domain have been commented on by the media a number of weeks ago. The line Minister to whom the Minister opposite has referred ran for cover at that stage and had nothing to say, it seems. It is unacceptable that the Minister, who has told us he will oversee the sale of part of this company, is singing dumb on the matter. He might be running for cover too.

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