Brian Hayes (Fine Gael)

Far from being superficial, as Senator Mansergh said, this amendment is entirely appropriate. If he reflects upon it in greater detail he will see why. My party, before the last election, proposed no diminution of the funds to be set aside for pensions into the future, irrespective of other views from the Opposition. Those views, as the record shows, did not emanate from this party. It seems sensible to co-ordinate the moneys rightly put aside by the State for the provision of infrastructural services. Nothing can stop that, as the Minister said in his Second Stage speech. There is considerable merit, however, in the amendment as proposed by Senator Phelan. In effect, one is asking experts, in the Minister's own words, to manage money and ensure that as much as possible is invested in the State. In a sense, we are suggesting the addition of a function to those set out in section 4. I do not see it in any way as undermining the existing arrangements.