Enda Kenny (Mayo, Fine Gael) | Oireachtas source

No, I do not. The position is that we are in a very much more competitive situation than we were in the past. The economic crash and the catastrophe that befell us following the bubble in the property market and the conduct of the banks has left many pension funds in deficit.

I am pleased the Labour Relations Commission was able to come to an agreement with management and the group of unions representing ESB workers that there will not be an electricity strike starting next Monday. This would have been catastrophic for business, for reputation and for ordinary people nationwide. I am glad the recommendations of the Labour Relations Commission have been accepted by both sides.

I regret that the workers in Marks & Spencer felt it necessary to have a strike on a busy weekend approaching Christmas. Clearly, this is an issue that must be resolved as one of many pension funds that are in deficit. Deputy Joan Collins will be aware of the Bill is passing through the House at present. It will have completed its passage before Christmas and will be law before the end of the year. This will have an impact in part on some of these pension funds. I agree that given the circumstances in which many pension funds and, therefore, workers find themselves, there is a need to have reflection a and debate on this subject in the new year. Differences exist between those who have just commenced work, those who have moved through with firms, organisations and pension funds and those who recently have retired. There are different sectors with disparate effects following the difficulties that so many pension funds face. While this Bill is going through, the opportunity exists to attempt to resolve all these issues using the well-tried and tested State machinery. Moreover, in the case of the ESB management and unions, use of the Labour Relations Commission enabled the issue to be resolved quite quickly in the interests of everyone in the country.

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