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our infrastructure – not just roads but also sewerage schemes and so on – is groaning and under pressure, in many cases out of date and dilapidated.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.
No comments