Seanad debates
Thursday, 21 November 2002
Book of Estimates, 2003: Statements.
This fund will take in about €1 billion this year. It took in slightly less last year. Of the €900 million that was taken in last year, roughly half has been lost on the Stock Exchange. There was a lengthy controversy this year, with disputes between the two Government parties, over the construction of a national stadium, which would have cost about €500 or €600 million over three or four years. With the money that has been lost on the Stock Exchange by virtue of the pension reserve fund this year alone, it would be possible to build the stadium in one year. With the money it is costing us to fund the SSIAs this year and for the next five years, it would be possible to build a stadium a year. That is an enormous waste of money and it is spectacular that there has been so little debate about it. Last week the Minister announced a cut that will save €40 million but the fact that we are spending billions of euro in a fashion that attracts so little debate is dispiriting.
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