Martin Mansergh (Fianna Fail)

While I understand the sentiment behind this amendment and its superficial attraction, I think it would be a bad move. We heard the Minister say that there was no obstacle to the money from the national pensions fund being used for infrastructural projects, but this subordinates the judgment of those who manage the fund to the NDFA and this should not happen. Those who manage the fund should concentrate on where to invest: they must make that judgment, not the NDFA. I see this amendment as hollowing out the independence and autonomy of the national pensions fund.

The fund is critical for our economic future, especially for our younger people. Many European countries, including Germany, are in a state of total stagnation because of huge pension liabilities. We are provident in providing for the future and we must resist the temptation of the Opposition, both before the election and since, to undermine the integrity of the national pensions fund. The amendment is not a good one.