Seanad debates

Tuesday, 17 December 2002

National Development Finance Agency Bill, 2002: Committee and Remaining Stages.

 

This is an important amendment. Much time was given on Second Stage to the issue of the national pensions fund. While I was the first to admit to the Minister that the idea of setting money aside for future pension commitments was admirable, we have borrowed about €1.5 billion this year to invest in the pensions fund. This money is being invested in stock markets around the world while our infrastructure – not just roads but also sewerage schemes and so on – is groaning and under pressure, in many cases out of date and dilapidated. It is not appropriate for us to take that €1.5 billion out of the economy and invest it in other countries.

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